Witt Vows Aggressive Rulemaking If Clarity Act Fails
The White House's crypto advisor, Patrick Witt, has threatened to pursue an 'aggressive rulemaking agenda' if the Clarity Act fails to pass in Congress. The act aims to clarify jurisdictional boundaries between the SEC and CFTC for digital assets.
The Clarity Act would hand oversight of digital commodities to the CFTC while preserving the SEC's authority over investment contracts. It also tackles stablecoin yields, anti-money laundering provisions, and enforcement tools. Witt has described the package as 'pro-regulatory, pro-enforcement.'
Negotiations in the Senate have hit a snag due to disagreements over ethics language and stablecoin regulations. A key cloture vote is anticipated by mid-September 2026, but if it fails, the Clarity Act could be dead for this congressional session.