Bessent Warns Senators: Pass CLARITY Act or Risk Losing Crypto Leadership

Treasury Secretary Scott Bessent has urged US Senators to pass the CLARITY Act, warning that failure to do so could undermine the country's leadership in digital assets.

The bill aims to provide a clearer regulatory framework for cryptocurrencies and improve consumer protections. Bessent stated that the act would also strengthen anti-money-laundering requirements and offer legal certainty for digital assets.

The Senate has been debating the bill for several months, with some lawmakers opposing its passage due to concerns about stablecoin yields. The House of Representatives passed the bill in July last year, but it remains uncertain whether it will become law.