Bessent Warns Delays Could Weaken US Crypto Leadership

Treasury Secretary Scott Bessent is pushing for the Senate to advance the CLARITY Act when lawmakers return from their August recess. He warns that further delays could weaken U.S. leadership in crypto and limit the government's ability to prevent digital assets from being misused.

Bessent made this appeal on X, urging senators to 'remain at the negotiating table' and agree to a motion to proceed with the bill. The CLARITY Act aims to establish a comprehensive regulatory framework for digital assets, dividing oversight between the SEC and CFTC while adding consumer-protection and anti-money-laundering requirements.

The bill still faces disagreements over crypto holdings, stablecoin rewards, and measures targeting illicit finance. Senate Majority Leader John Thune filed a cloture motion in August, setting the stage for a possible vote on September 15. The bill needs at least 60 votes to advance, making Democratic support crucial.