White House crypto advisor Patrick Witt and Assistant Secretary for Financial Institutions at the U.S. Treasury, Luke Pettit, stated at a CoinDesk event on Tuesday that the prospects for the Digital Asset Market Clarity Act passing during Congress's "lame duck" session are slim, and the focus of crypto regulatory efforts has shifted to U.S. market regulators. Pettit noted that although the Clarity Act "is not dead," the "waters have become exceptionally cold" for its passage in Congress after it failed to advance in the Senate. Witt added that the upcoming midterm elections will impact the bill's momentum. Both officials also emphasized that the implementation of the Stablecoin National Innovation Guidance and Establishment Act (GENIUS Act), passed last year, is proceeding as planned and is expected to create a "two-track" stablecoin market, rewarding tokens that comply with regulatory jurisdiction.