The White House has intensified work on the bill, which is intended to define rules for digital assets in the U.S. Patrick Witt, Executive Director of the Digital Assets Advisory Council, said at the Korea Blockchain Week 2025 conference that the document is expected to be submitted for President Donald Trump’s signature by the end of the year.
Both chambers of Congress are participating in the drafting process, while the council serves as coordinator and mediator.
According to Witt, the administration is receiving multiple initiatives, and their task is to merge them into a single document. The key element is the CLARITY Act, passed by the House of Representatives with bipartisan support.
In the Senate, Republicans introduced their proposal in early September — the Responsible Financial Innovation Act 2025. Together, these initiatives form the foundation of a unified legislative framework for the crypto market.
The main goal of the bill is to divide powers between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), securing their jurisdiction over the regulation of digital assets.
The Foundation Is Already Laid
Work on crypto regulation builds on the Genius Act, passed earlier this year, which for the first time established rules for issuing and circulating stablecoins. The new bill aims to broaden the scope of regulation to cover a wider range of digital assets.
“We are unlocking what we can and acting as arbitrators where there is a deadlock. We respect the process and are confident that the bill will be ready by the end of the year,” Witt said.
According to Witt, the White House is signaling to crypto companies that the U.S. is once again ready to work openly with them.
“The country is open for business, we are moving full speed ahead toward crypto,” he said.
Harry Jung, Deputy Director of the council, emphasized that close contact with companies allows authorities to make more informed decisions.
“When we meet with innovators and companies, we get a real-time picture of what is happening. This helps us make balanced decisions,” he stated.
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