Treasury Secretary Bessent urges CLARITY Act passage after Senate returns
U.S. Treasury Secretary Scott Bessent urged lawmakers to pass the Digital Asset Market Clarity (CLARITY) Act when the Senate returns from its August recess, saying failure to do so would undermine American leadership in the digital asset sector. The Senate is scheduled to reconvene next Monday, and the CLARITY Act aims to create the first comprehensive U.S. regulatory framework for digital assets.
Why It Matters
The bill would set nationwide rules for digital assets and stablecoins, so its fate could shape how crypto firms operate in the U.S.; Treasury’s public push highlights the administration’s concern that delay or rejection would signal weakening U.S. influence in the industry.
Key Facts
- Who: U.S. Treasury Secretary Scott Bessent
- Platform: Wrote on X (Wednesday post)
- Senate return: Scheduled to return from August recess next Monday (per Senate legislative schedule)
- Legislation: Digital Asset Market Clarity (CLARITY) Act
- Purpose of bill: Seeks to establish the first comprehensive regulatory framework for digital assets in the U.S.
Treasury Secretary Scott Bessent publicly urged Congress to advance the Digital Asset Market Clarity (CLARITY) Act as senators prepare to return from their August recess next week. In a post on X, Bessent called on lawmakers to stay at the negotiating table, move forward with the motion to proceed and continue the legislative process, warning that inaction could harm U.S. standing in the digital asset market.
The Senate is slated to reconvene next Monday, according to its legislative calendar, giving lawmakers a renewed window to consider the CLARITY Act. The measure is designed to create the first comprehensive U.S. regulatory framework for digital assets, a development that backers say would provide national clarity for the sector.
Momentum for the bill has shifted in recent months. On Sept. 3 the National Sheriffs’ Association abandoned its opposition and shifted its stance to neutral. Meanwhile market-probability tracker Galaxy has repeatedly lowered its forecast for the bill’s chances of passing in 2026, most recently cutting the odds to 10% from 75% as of May 22.
The CLARITY Act cleared the Senate Banking Committee in May, but it has drawn resistance from many Democrats and from the banking industry. Critics argue the bill could allow crypto firms to offer yields on stablecoins without subjecting them to the same regulatory requirements that apply to banks, a central point of contention as lawmakers weigh the measure’s next steps.
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