Bessent Presses Senators to Pass CLARITY Act Amid Fading Odds

US Treasury Secretary Scott Bessent is urging lawmakers to pass the Digital Asset Market Clarity (CLARITY) Act when the Senate returns from its August recess next week. In a post on social media platform X, Bessent emphasized the importance of clarity in the digital asset industry and warned that failing to pass the bill would send a 'troubling signal' about America's leadership in this sector.

The CLARITY Act seeks to establish the first comprehensive regulatory framework for digital assets in the US. The Senate is scheduled to return from its recess on Monday, according to its legislative schedule. While the National Sheriffs' Association has dropped its opposition to the bill, changing its position to 'neutral', some lawmakers and industry groups have expressed concerns about the bill's potential impact.

Galaxy has reduced its odds of the CLARITY Act passing in 2026 from 75% to 10% over recent months. Bessent is urging lawmakers to remain at the negotiating table and continue the legislative process, suggesting that passage of the bill would demonstrate the US's commitment to regulating digital assets effectively.