White House Officials Say Clarity Act Unlikely to Pass This Year, Regulatory Focus Shifts to the SEC and CFTC
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AT A GLANCE
White House officials said the Clarity Act is unlikely to pass this year, while regulatory agencies will move ahead with crypto regulation.
Article
White House officials: Little hope that the Clarity Act will pass this year; regulatory progress cannot wait
PANews reported on September 23, citing CoinDesk, that White House crypto adviser Patrick Witt and Treasury Department official Luke Pettit said at a CoinDesk policy and regulatory event that there is little hope that the Clarity Act will pass Congress this year, as “the atmosphere in Congress has become quite cold.” The subsequent focus will shift to regulatory agencies. The SEC and CFTC have made progress and will advance regulation under their existing authorities, as “there is no time to waste.” The Treasury Department is also drafting stablecoin implementation rules for the GENIUS Act.
Patrick Witt and Luke Pettit said there is little hope that the Clarity Act will pass Congress this year.
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They said the atmosphere in Congress has become quite cold.
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The SEC and CFTC have made progress and will advance regulation under their existing authorities.
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The Treasury Department is drafting stablecoin implementation rules for the GENIUS Act.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
This means the related legislation may be difficult to complete in the short term, while regulatory agencies will continue advancing regulatory work under their existing authorities.
Why it matters to readers
If the legislation does not pass this year, market attention may shift to regulatory actions by the SEC, CFTC, and Treasury Department.
Beginners can focus on new rules from regulatory agencies and subsequent developments in stablecoin implementation rules.
Risks and unknowns
The article does not specify the reasons the Clarity Act may fail to pass.
The article does not specify which concrete regulatory measures the SEC and CFTC will take.
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Regulatory agencies
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