Bessent Urges Senate to Pass Clarity Act Amid Delayed Crypto Regulation
Treasury Secretary Scott Bessent is urging the Senate to pass the Clarity Act immediately. The bill, which has been pending for over a year, would create federal rules for crypto markets in the United States.
Bessent accused Senate Democrats of stalling the process for political reasons, citing thousands of hours of bipartisan negotiations since the House passed the bill more than a year ago.
The Clarity Act would split oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission, with most digital assets falling under the CFTC's jurisdiction. Bessent rejected claims that the bill lacks consumer protections, pointing to Titles II and III which would expand compliance rules for crypto firms.
Bessent closed his post on X by quoting Bitcoin creator Satoshi Nakamoto: 'If you don't believe me or don't get it, I don't have time to try to convince you, sorry.'