Bessent Urges Senate to Pass Clarity Act Amid Fears of US Backsliding on Crypto
US Treasury Secretary Scott Bessent has urged lawmakers to pass the Clarity Act when they return from recess next week. The bill aims to stop 'bad actors' from exploiting digital asset tech, and Bessent warned that failing to pass it would send a troubling signal to allies and adversaries alike.
Last year, the House of Representatives passed the Clarity Act, which drafts a framework for dividing oversight between regulators and distinguishing between securities, commodities, or stablecoins. However, progress has been stalled this year due to disagreements over paying customers stablecoin yield between the banking lobby and crypto companies.
The latest draft tackles ethics by banning government officials from promoting or making money from crypto, but Democrats have criticized President Trump's family for doing so in the past. Despite these efforts, a group of Democrats wants amendments, saying the bill falls short.