White House Says It Can’t Wait for CLARITY Act, Turns to SEC and CFTC for Crypto Rules Overhaul

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The White House and the Treasury Department said they will focus on reshaping digital-asset regulation through the Securities and Exchange Commission and the Commodity Futures Trading Commission, rather than rely on Congress to pass the CLARITY Act this year.

CoinDesk reported on September 22 that Patrick Witt, the White House’s digital-assets adviser, and Luke Pettit, the Treasury Department’s assistant secretary for financial institutions, spoke at a policy and regulatory event in Washington and said it remains uncertain whether Congress will take up the CLARITY Act during its year-end lame-duck session. They agreed that regulatory action by the administration should come first.