Bessent Pleads with Senate to Pass Clarity Act Amid Fears of Regulatory Uncertainty
U.S. Treasury Secretary Scott Bessent has urged the Senate to pass the Clarity Act, calling out Democrats for delaying a vote on the legislation. He claims that without clear rules, the U.S. risks losing its leadership in digital assets.
Bessent argued that the bill strengthens consumer protections and anti-money laundering requirements while providing regulatory certainty for digital assets. He also defended the Blockchain Regulatory Certainty Act, which protects decentralized software developers from being subject to Bank Secrecy Act registration requirements.
The Clarity Act aims to establish a federal framework for U.S. digital asset markets, effectively legalizing most cryptocurrency activity in the United States. If passed and signed into law, it would divide oversight of digital assets between the SEC and CFTC, with most crypto assets generally falling under CFTC jurisdiction.
Bessent's plea was accompanied by a quote from Bitcoin creator Satoshi Nakamoto, who famously said: 'If you don't believe me or don't get it, I don't have time to try to convince you, sorry.'