White House Calls for Continued Action Despite Stalled Crypto Bill

The White House and U.S. Treasury officials are urging regulators to continue their work on crypto regulations despite the failure of the Crypto Bill in the Senate.

In a recent event, Patrick Witt, White House crypto adviser, and Luke Pettit, a U.S. Treasury official responsible for financial institutions, stated that the focus has shifted from legislative progress to steps the administration and market regulators can take.

Pettit mentioned that the bill had not been taken entirely off the table but that the climate in Congress had cooled considerably for making progress. He noted that whether an agreement can be reached during the year-end session between the November midterm elections and the new Congress taking office will depend on the election results.

The administration plans to use existing authority to pursue rulemaking and exemptions within their respective jurisdictions, even without new legislation from Congress. However, Witt acknowledged that these regulations could face legal challenges without a clear statutory basis provided by the Clarity Act.