Bessent Slams Critics, Demands CLARITY Act Vote Amid Senate Gridlock

Treasury Secretary Scott Bessent has defended the CLARITY Act against criticism from Senate Democrats, urging them to bring the bill to a vote. He argues that the legislation strengthens compliance standards for crypto intermediaries and protects noncustodial developers.

Bessent pointed out that the House passed the bill over a year ago, and thousands of hours of bipartisan negotiations have taken place since then. Senate Republicans have assembled a floor-ready product awaiting a vote, but Democrats are holding back due to concerns about consumer protection and anti-money laundering provisions.

The Treasury secretary questioned whether lawmakers had ever chosen to push an emerging industry out of the United States instead of regulating it, warning that failure to approve the legislation would undermine American leadership in the global market. He also criticized Democrats who have received millions of dollars in campaign support from the crypto industry while opposing the negotiated framework.