Key Highlights
- Treasury Secretary Scott Bessent urged the Senate to vote on the CLARITY Act, saying the bill is ready.
- Support for the CLARITY Act continues to grow, with backing from the industry and lawmakers.
- The Senate is expected to hold an initial vote before August 7, but procedural hurdles could delay the bill’s final passage until after the August recess.
U.S. Treasury Secretary Scott Bessent has again urged the Senate to stop delaying the Digital Asset Market Clarity (CLARITY) Act, saying lawmakers should vote on the crypto market structure bill without waiting any further.
In a detailed X post on Thursday, Bessent said the legislation has already gone through more than a year of work. He said both parties have spent thousands of hours discussing and improving the bill, and now it is ready.
He noted that the Senate Banking Committee and the Senate Agriculture Committee have already advanced their parts of the legislation, while Senate Republicans have prepared a version that is ready for a floor vote. With that work already completed, Bessent questioned why the Senate is still waiting.
“It’s disappointing — but not surprising — that Senate Democrats are choosing politics on the cusp of a major victory for American leadership,” Bessent said. “The Senate needs to vote NOW on this landmark legislation.”
Why Bessent believes the Senate should act now
The Treasury secretary also pushed back against criticism from some Democrats, who argue that the bill does not do enough to protect consumers or fight illegal financial activities. Bessent said those claims are not true. According to him, Titles II and III of the CLARITY Act would increase the regulatory and compliance duties of digital asset companies, bringing them closer to the standards followed by traditional financial institutions.
He also defended the Blockchain Regulatory Certainty Act, a separate measure included in the wider package that has drawn criticism from some groups. Bessent said the proposal does not create a new policy. Instead, he explained that it simply puts into law the Treasury Department’s long-standing position that software developers and other non-custodial builders are not required to register under the Bank Secrecy Act because they do not hold customers’ funds.
Bessent warned that further delays could weaken the country’s position in the digital asset industry. He accused Senate Democrats of slowing the bill for political reasons and said the United States should focus on creating clear rules instead of allowing innovation to move elsewhere.
“America will lead or America won’t. It’s not more complicated than that,” he said. He ended his post with a quote widely linked to Bitcoin creator Satoshi Nakamoto: “If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry.”
The CLARITY Act gains backing across industries
Support for the CLARITY Act has continued to expand across the crypto industry and beyond. A day ago, the Major Cities Chiefs Association (MCCA) endorsed the latest version of the bill after reviewing each draft. In a letter sent to Senate Banking Committee Chairman Tim Scott and Ranking Member Elizabeth Warren, the law enforcement group said recent changes addressed several concerns investigators had about handling crimes involving digital assets.
The American Bankers Association (ABA) has also expressed support for the bill while asking lawmakers to make targeted changes.
Moreover, U.S. Sen. Dave McCormick recently urged the Senate to stop extending negotiations and bring the bill to the floor before lawmakers leave for the August recess. Speaking during a Fox interview, McCormick said every senator should publicly show where they stand on the legislation. He added that clear rules for digital assets would help protect consumers while keeping crypto companies, innovation, and jobs in the United States.
What’s standing in the way of a Senate vote
Despite the support, the bill faces some major procedural challenges. The Senate is expected to hold an initial vote before August 7, but the chances of passing the bill before the August recess remain slim.
The Senate has not yet filed a cloture motion, which is a step needed to move the legislation forward. Even if that happens, the bill would still need enough votes to advance, followed by more debate, possible amendments, and a final vote.
As a result, the upcoming procedural vote is expected to serve as an early test of the CLARITY Act’s support as lawmakers continue debating the future of U.S. crypto regulation.
Also Read: Patrick Witt Questions Banks’ CLARITY Act Stablecoin Stance
