Bessent Presses Senate to Advance CLARITY Act Amid Crypto Regulatory Limbo
Treasury Secretary Scott Bessent is calling on the Senate to advance the CLARITY Act when lawmakers return from their August recess. The bill aims to establish a comprehensive regulatory framework for digital assets and upgrade the government's ability to prevent bad actors from exploiting these technologies.
Bessent warned that further delays could weaken U.S. leadership in crypto and limit the government's ability to prevent digital assets from being misused, citing the need for clearer rules to encourage crypto companies and investment to remain in the U.S.
The CLARITY Act would divide digital-asset oversight between the SEC and CFTC while adding consumer-protection and anti-money-laundering requirements. Senate Majority Leader John Thune filed a cloture motion in August, setting the stage for a possible vote on Sept. 15, which requires at least 60 votes to advance.