White House and Treasury Doubt Lame Duck Clarity Act Passage

White House crypto adviser Patrick Witt and US Treasury Department's Luke Pettit expressed doubts about the Digital Asset Market Clarity Act passing during the lame duck session of Congress, which follows the midterm elections in November. The bill aims to establish regulations for the US crypto market.

The officials spoke at a CoinDesk event in Washington, where they suggested that the outcome of the elections will determine whether there is enough motivation for lawmakers to pass the Clarity Act.

Pettit stated that 'the waters are incredibly chilled' for the legislation, implying that it lacks momentum. Witt added that the focus has shifted to the administration's efforts to regulate crypto through existing authorities.

Witt emphasized that there is no time to waste and that regulators have already made significant progress in the US Securities and Exchange Commission and Commodity Futures Trading Commission.