Bessent Warns Senate Delaying CLARITY Act Would Weaken US Leadership
US Treasury Secretary Scott Bessent is urging the Senate to advance the CLARITY Act, which would establish a comprehensive regulatory framework for digital assets. He warns that failing to move the legislation forward could weaken US leadership in digital assets and national security.
Bessent's comments come as lawmakers prepare to return from their August recess and resume negotiations over the cryptocurrency market structure bill. The Senate is expected to hold a procedural vote on September 15, which will determine whether lawmakers can formally move the CLARITY Act forward for further consideration.
The Treasury secretary framed the legislation as a national security and international competitiveness issue, warning that failing to advance the bill would send a 'troubling signal' to both US allies and adversaries that America is unwilling to lead on digital assets. He also emphasized the need for clearer federal rules governing digital assets and defining regulatory responsibilities between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
Galaxy Digital recently estimated the legislation had only a 10% chance of becoming law in 2026, citing unresolved political issues and a limited legislative window. However, Bessent's latest intervention comes shortly before the Senate's next procedural test, presenting the legislation as part of a broader effort to maintain US leadership in digital assets while giving authorities additional tools to address their misuse.