Regulators Told to Move Without Waiting for Lawmakers White House crypto adviser Patrick Witt delivered a pointed message to U.S. financial regulators on Sept. 22: do not wait for Congress. S
White House crypto adviser Patrick Witt delivered a pointed message to U.S. financial regulators on Sept. 22: do not wait for Congress. Speaking at CoinDesk's Policy and Regulation event in Washington, Witt said the administration's focus has shifted firmly toward the executive branch as the legislative path for comprehensive crypto market structure law has narrowed.
Witt and Luke Pettit, the Treasury Department's assistant secretary for financial institutions, were aligned in their view: the SEC and CFTC have enough existing authority to advance crypto policy now, and they should use it. Witt made no effort to conceal his frustration at the Senate's failure to advance the bill, saying the outcome had been deeply disappointing after more than a year of negotiations. "Did we really have to drag this out for a year just to get this political outcome?" he said at the event.
The remarks carry weight given Witt's role. He serves as Executive Director of the President's Council of Advisers on Digital Assets, working under crypto czar David Sacks, and is the administration's primary point of contact on digital asset policy.
The backdrop to Witt's comments is the Senate's failed attempt to advance the Digital Asset Market CLARITY Act. A cloture vote on Sept. 15 fell 49-50, well short of the 60 votes needed to open floor debate. Every Democrat who had spent months negotiating the text voted against proceeding. The legislation had previously passed the House 294-134 in July 2025 and cleared the Senate Banking Committee 15-9 in May 2026, making the floor failure a significant setback for the industry's top policy priority.
Witt acknowledged that some regulatory actions taken without new legislation could face legal challenges. Even so, he said the administration intends to use its existing authority to the fullest extent possible. Both Witt and Pettit said the bill's prospects in the post-election lame-duck session will depend heavily on November's midterm results. If the political composition of Congress shifts, a revived push for the CLARITY Act becomes more plausible. If it does not, comprehensive crypto market structure legislation may not move until 2027 at the earliest.
Sources:CoinDesk: Crypto market structure can't wait for post-election Clarity Act surge, White House saysCNBC: Senate cloture vote on Clarity Act fails, dealing regulatory blow to crypto industry
