Crypto market structure can't wait for shot at post-election Clarity Act surge: White House

Patrick Witt, the White House crypto adviser, and Luke Pettit, assistant secretary of the Treasury for financial institutions, expressed similar views at the CoinDesk Policy & Regulation event in Washington on Tuesday. The several weeks at the end of the year in which federal lawmakers' work is sandwiched between the elections and the arrival of the new Congress — the lame duck session — will likely depend on the outcome of the midterm congressional election in November, they both suggested.

"I don't think it's dead, but I do think that there is a sense that the focus is shifted to the administration," Pettit said at the Washington event, just a week after the Senate failed to advance the Clarity Act to establish U.S. crypto market regulations — the digital asset industry's top policy priority. In Congress, he said, "the waters are incredibly chilled" for the legislation.