Bessent Urges Senate to Vote on Clarity Act Amidst Democrat Stalling Tactics

Treasury Secretary Scott Bessent has urged the Senate to vote on the Clarity Act immediately, accusing Senate Democrats of delaying the bill for political reasons. In a post on X, Bessent said that Republicans have a version ready for a floor vote and that thousands of hours of bipartisan negotiations have taken place at the staff and Member levels since the House passed the bill more than a year ago.

Bessent rejected claims that the bill lacks consumer protections, saying that Titles II and III would expand compliance rules for crypto firms, bringing them closer to standards used by banks. He also defended the Blockchain Regulatory Certainty Act, which would protect software developers from certain financial registration rules.

The bill has stalled over ethics provisions added by Senate Republicans in May, which would stop the president and other federal officials from issuing digital assets while in office. Democrats say the rules are too weak and would expire in 2029, not applying to officials' children. Bessent claimed that Senate Democrats fear backlash from Senator Elizabeth Warren, who has called her group of crypto critics an 'anti-crypto army.'

Senate Majority Leader John Thune said he does not expect the bill to pass before lawmakers leave for August recess, but hopes to start the floor process before then. Negotiations over the ethics provisions remain unresolved.