With Congress away, federal agencies play at crypto rulemaking

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America’s federal authorities appear ready and more than willing to make life easier for crypto operators, whether or not Congress wants them to.

Compared with the frenzied activity that has surrounded the Senate’s digital asset market structure legislation (the CLARITY Act) in recent months, D.C. has been effectively mute on this subject since the Senate left town for its traditional summer holiday last weekend.

This silence extends to the White House, which has yet to offer any public comment regarding the most recent bipartisan proposal to revise CLARITY’s ‘ethics’ language aimed at reining in President Trump’s ability to profit off crypto ventures.

On August 10, White House crypto adviser Patrick Witt tweeted that “the administration remains fully committed to getting the Clarity Act across the finish line in September. Durable rules, the kind only legislation can provide, are needed now more than ever. But we also can’t afford to wait forever.”

Witt was responding to a tweet referencing an open meeting that the Securities and Exchange Commission (SEC) has scheduled for Friday, August 14. The meeting’s agenda is “to consider whether to issue a release proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets.”