US Treasury Secretary Scott Bessent 'Strongly Urges' Senate To Pass Clarity Act

Bitcoin Magazine
US Treasury Secretary Scott Bessent ‘Strongly Urges’ Senate To Pass Clarity Act

U.S. Secretary of the Treasury Scott Bessent urged lawmakers to move forward with the crypto Clarity Act when they return from recess next week. 

Writing on X Wednesday, Bessent said that the bill would stop “bad actors” from exploiting important digital asset tech. 

Lawmakers were hoping a crucial vote on the long-awaited crypto market structure bill would go ahead in August before their five-week recess. But it was delayed and the Senate will now vote on it next week. 

“When the Senate returns from August recess, I strongly urge everyone to remain at the negotiating table, agree to the motion to proceed, and continue the legislative process,” he said. 

“Failing to do so would send a troubling signal to our allies and adversaries alike that America is unwilling to lead on the future of digital assets and willing to forgo enhanced national security tools to combat their misuse.”

Just in July, Bessent said lawmakers had to pass the Clarity Act if they wanted to be “on the side of American Exceptionalism” — and quoted Satoshi Nakamoto in another social media post. 

“America will lead or America won’t,” he wrote at the time “It’s not more complicated than that. I believe Satoshi once said it best: ‘If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry.'”

First passed last year by the House of Representatives, the Clarity Act drafts a framework to formally divide oversight between regulators, distinguishing which digital assets are securities, commodities or stablecoins. 

The digital asset industry has long been calling for such rules to be set in stone. 

But the draft legislation has largely been stalled this year, mostly because the banking lobby clashed with crypto companies over paying customers stablecoin yield. 

A new draft tackling the issue of ethics started circulating in July, banning government officials from promoting or making money from crypto — something Democrats have criticized President Trump’s family for doing. 

Despite the changes, a group of Democrats said the bill fell short and wanted amendments. 

President Donald Trump has urged lawmakers to get the legislation over the line. In August, he said that in order for the U.S. to remain the “undisputed leader in Bitcoin and crypto,” they had to pass the “very, very powerful legislation.”

This post US Treasury Secretary Scott Bessent ‘Strongly Urges’ Senate To Pass Clarity Act first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.