Bessent Warns of Troubling Signal if CLARITY Act Fails
US Treasury Secretary Scott Bessent is urging lawmakers to pass the Digital Asset Market Clarity (CLARITY) Act when the Senate returns from its August recess next week. The legislation aims to establish a comprehensive regulatory framework for digital assets in the US.
Bessent warned that failing to pass the bill would send a 'troubling signal' about America's leadership in the digital asset industry. He emphasized the importance of remaining at the negotiating table and continuing the legislative process.
The Senate is scheduled to return from recess next Monday, according to its legislative schedule. The CLARITY Act has already cleared the Senate Banking Committee in May but faces opposition from some Democrats and the banking industry, who argue that it would allow crypto firms to offer yields on stablecoins without facing the same requirements as banks.
Galaxy has reduced its odds on the CLARITY Act's passing in 2026 several times over recent months. Currently, they estimate a 10% chance of passage, down from 75% set on May 22.