White House · CLARITY Act · U.S. Treasury · US Congress · CoinDesk
Crypto market structure can't wait for shot at post-election Clarity Act surge: White House
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WASHINGTON, D.C., Officials from the White House and the U.S. Treasury Department agreed that the so-called lame duck session of Congress doesn't offer enough hope for the Digital Asset Market Clarity Act to divert attention from the proper new focus: the crypto work of the U.S. markets regulators.
Key facts
- Patrick Witt, the White House crypto adviser, and Luke Pettit, assistant secretary of the Treasury for financial institutions, expressed similar views at the CoinDesk Policy & Regulation event
- He pointed to a rush of crypto progress since last week at the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission
- However, last year's crypto legislative success in converting the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act into law is still an ongoing focus of the Treasury
- Witt noted that companies are advertising their "GENIUS-compliant stablecoins," though that status doesn't yet exist in the absence of final rules
Summary
White House crypto adviser Patrick Witt and the Treasury Department's assistant secretary for financial institutions, Luke Pettit, were on the same page: shrugging over the Clarity Act's end-of-year chances but focusing on the current progress of financial regulators. The crypto bill's potential for arising again in the so-called lame duck session of Congress after the elections will depend on how those elections go, both officials said at a CoinDesk Policy & Regulation event in Washington. WASHINGTON, D.C., Officials from the White House and the U.S. Patrick Witt, the White House crypto adviser, and Luke Pettit, assistant secretary of the Treasury for financial institutions, expressed similar views at the CoinDesk Policy & Regulation event in Washington on Tuesday.