US Treasury Chief Scott Bessent Urges Senate to Pass Clarity Act

U.S. Treasury Secretary Scott Bessent has called on lawmakers to advance the crypto Clarity Act as they come back from recess next week.

In a Wednesday post on X, Bessent stated that the legislation would prevent malicious actors from abusing vital digital asset technology.

Legislators had anticipated a key vote on the eagerly awaited crypto market structure bill in August ahead of their five-week break. However, that vote was postponed, and the Senate is now scheduled to take it up next week.

"When the Senate returns from August recess, I strongly urge everyone to remain at the negotiating table, agree to the motion to proceed, and continue the legislative process," he remarked.

"Failing to do so would send a troubling signal to our allies and adversaries alike that America is unwilling to lead on the future of digital assets and willing to forgo enhanced national security tools to combat their misuse."

Back in July, Bessent asserted that lawmakers needed to pass the Clarity Act to align with "American Exceptionalism," while also referencing Satoshi Nakamoto in a separate social media update.

"America will lead or America won’t," he wrote at that time. "It’s not more complicated than that. I believe Satoshi once said it best: ‘If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry.’"

Originally approved by the House of Representatives last year, the Clarity Act establishes a regulatory framework that clearly splits oversight between regulators by defining which digital assets qualify as securities, commodities, or stablecoins.

The cryptocurrency sector has spent a considerable amount of time requesting official, permanent rules.

Nevertheless, the proposed legislation has mostly faced delays this year, driven largely by friction between the banking lobby and crypto firms concerning stablecoin yields for customers.

A fresh draft addressing ethics concerns emerged in July, prohibiting government officials from profiting from or promoting crypto—a practice that Democrats have criticized President Trump’s family for engaging in.

Even with these modifications, several Democrats argued the measure was insufficient and sought further amendments.

President Donald Trump has also pressed legislators to finalize the bill. During August, he noted that keeping the U.S. as the "undisputed leader in Bitcoin and crypto" requires passing the "very, very powerful legislation."