Bessent Warns of Crypto Leadership Loss if Clarity Act Fails
U.S. Treasury Secretary Scott Bessent is urging senators to advance the CLARITY Act, a landmark cryptocurrency legislation that aims to establish clear rules for digital assets and strengthen national security. The bill has faced criticism from Democrats who have pushed for tougher ethics language governing crypto ventures linked to senior government officials.
Bessent warned that failure to pass the CLARITY Act would undermine America's leadership in the realm of crypto, sending a 'troubling signal' to allies and adversaries alike. He framed the legislation as a matter of national security and international competitiveness.
The Senate is expected to hold an initial procedural vote on the legislation on September 15, requiring at least 60 votes for it to move forward. With Republicans holding 53 Senate seats, they would need at least seven Democrats to join them in order to pass the bill.