Here is a new draft charter of Web Cryptography instead of Web Identity.
The Web Cryptography Working Group should aim to produce specifications that have wide deployment amongst end-users, and so should work carefully with as many major implementers as possible. The Web Cryptography Working Group should adopt, refine and when needed, extend, existing practices and community-driven draft specifications when possible. The cryptography work should integrate well with Web Applications and so should be developed in concert with Web Application developers and the Web Application Security and HTML Working Groups. Comprehensive test suites will be developed for the specification to ensure interoperability, and the Working Group will assist in the production of interoperability reports.
I guess there are many missing things for key management and TLS based login/logout and HSM device based key handling etc.