[U.S. Officials: Clarity Act Unlikely to Pass During Lame-Duck Session, Regulatory Focus Shifts to Existing Laws] White House cryptocurrency advisor Patrick Witt and U.S. Treasury Assistant Secretary Luke Pettit stated that the likelihood of the Clarity Act passing during Congress's lame-duck session is very low. The regulatory focus has shifted to relying on executive agencies and existing legal frameworks to advance compliance, with regulatory bodies like the SEC and CFTC expected to operate under their existing legal mandates. (Source: Bloomberg)