Bessent Presses Senate to Pass CLARITY Act Ahead of Key Vote

Treasury Secretary Scott Bessent has urged senators to advance the CLARITY Act before Tuesday's scheduled procedural vote. The legislation, which would establish federal digital asset rules, faces uncertain prospects due to unresolved political divisions.

Bessent emphasized the importance of the bill in a post on X, stating that failing to pass it 'would send a troubling signal to our allies and adversaries alike' about the US's willingness to lead on digital assets. He also highlighted the potential benefits of the legislation for national security and combating illicit activity involving cryptocurrencies.

The CLARITY Act has already passed the House and advanced through the Senate Banking Committee, but Republican senators have expressed concerns over ethics provisions involving a president and immediate family members with digital asset businesses. Revised language released on September 10 seeks to address these issues, but it remains unclear whether the bill can garner the necessary support.