Bessent Calls on Lawmakers to Pass CLARITY Act Amid Reduced Odds of Passage

Treasury Secretary Scott Bessent has urged lawmakers to pass the Digital Asset Market Clarity (CLARITY) Act when the Senate returns from its August recess next week. In a post on X, he warned that failing to pass the bill would send a 'troubling signal' about America's leadership in the digital asset industry.

The CLARITY Act seeks to establish the first comprehensive regulatory framework for digital assets in the US. Despite clearing the Senate Banking Committee in May, most Democrats and the banking industry have pushed back, arguing that it would allow crypto firms to offer yields on stablecoins without facing the same requirements as banks.

Galaxy has reduced its odds of the CLARITY Act passing in 2026 from 75% to 10%. The National Sheriffs' Association had previously opposed the bill but dropped its opposition last week, switching its stance to 'neutral'. Bessent emphasized the need for lawmakers to remain at the negotiating table and continue the legislative process.