Patrick Witt, executive director of the President’s Council of Advisors for Digital Assets, stated that the administration will initiate an aggressive rulemaking agenda if the Digital Asset Market Clarity Act of 2025 fails to pass the Senate.
The proposed legislation, H.R. 3633, aims to define the regulatory boundaries between the SEC and the CFTC. It assigns oversight of digital commodities to the CFTC while maintaining SEC authority over investment contracts, alongside provisions for stablecoin yields and anti-money laundering.
The bill has passed the House and cleared the Senate Banking Committee. However, negotiations are currently stalled due to disagreements over ethics requirements for officials holding digital assets and the extent of regulatory latitude granted to stablecoin issuers.
A procedural cloture vote is expected by mid-September 2026. If this vote fails, the administration intends to have the SEC and CFTC utilize their existing statutory authority to establish digital asset regulations independently of Congress.
