Bessent Warns of Global Tech Backlash if CLARITY Act Stalls

Treasury Secretary Scott Bessent is calling for swift passage of the Crypto Clarity Act, warning that inaction will cost the US its competitive edge in global tech. The bill would create a federal regulatory framework for digital assets by dividing oversight between two agencies: the SEC and CFTC.

Bessent has characterized the legislation as sitting at the '1-yard line,' but it remains stuck in the Senate, needing 60 votes to clear a filibuster. Key sticking points include stablecoin yield, ethics provisions, and how to treat software developers.

The crypto industry is pushing hard for passage through aggressive lobbying and advocacy efforts, arguing that unclear US rules have already driven development offshore. Bessent's public advocacy has been met with positive market reaction, with Bitcoin prices and shares of Coinbase showing upward movement.