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

US Treasury Secretary Scott Bessent publicly urged the Senate to pass the Clarity Act when lawmakers return from recess, framing the bill as critical to combating bad actors and preserving American leadership in digital assets. Bessent wrote on X on September 9 that he "strongly urges" the Senate to pass the legislation, according to Bitcoin Magazine. Bessent stated the bill would stop "bad actors" from exploiting important digital asset tech. He told lawmakers to "remain at the negotiating table, agree to the motion to proceed, and continue the legislative process" when the Senate returns from August recess. Bessent cast the vote in geopolitical terms. "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," he said, according to Bitcoin Magazine. In July, Bessent said lawmakers had to pass the Clarity Act if they wanted to be "on the side of American Exceptionalism" and wrote "America will lead or America won't." The Clarity Act was first passed by the House of Representatives last year. The bill drafts a framework to formally divide oversight between regulators, distinguishing which digital assets are securities, commodities or stablecoins, per Bitcoin Magazine. The draft legislation has been largely 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, according to Bitcoin Magazine. A group of Democrats said the bill fell short and wanted amendments despite the ethics-related changes. In August, President Donald Trump said that in order for the US to remain the "undisputed leader in Bitcoin and crypto," they had to pass the "very, very powerful legislation."