The White House and Treasury Department are shifting the center of U.S. digital-asset policy toward the Securities and Exchange Commission and Commodity Futures Trading Commission after the Senate failed to advance the Digital Asset Market Clarity Act, or CLARITY Act. White House digital-assets adviser Patrick Witt and Treasury Assistant Secretary for Financial Institutions Luke Pettit said the bill is not entirely dead, but congressional discussions have cooled and year-end consideration during the lame-duck session remains uncertain. Witt said the SEC and CFTC will pursue crypto regulatory reforms using their existing authority to the fullest extent possible, while acknowledging that rules and exemptions adopted without a statutory basis could face legal challenges. The November midterm election could still change the bill’s prospects by altering congressional control and lawmakers’ willingness to negotiate.