Key Highlights
- The Treasury secretary called on lawmakers to agree to the motion to proceed and continue work on the CLARITY Act after the August recess.
- Bessent warned that failing to advance the bill could limit tools for addressing the misuse of digital asset technologies.
- The CLARITY Act is expected to face a procedural vote around September 15 as negotiations continue.
U.S. Treasury Secretary Scott Bessent on Wednesday urged the Senate to advance the CLARITY Act when lawmakers return from the August recess.
In a statement posted on X, Bessent said he had urged action on the bill in July. “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,” Bessent wrote.
“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.”
Bessent said the CLARITY Act would establish a comprehensive regulatory framework for digital assets and strengthen the government’s ability to prevent bad actors from exploiting the technology.
Responses from lawmakers and industry
Sen. Cynthia Lummis (R-Wyo.) responded to Bessent’s statement on X, writing, “The Senate should listen to @SecScottBessent! It’s time to pass this strong, bipartisan bill, which will protect consumers, help our law enforcement officials, and keep this growing industry based in America. Let’s send the Clarity Act to President Trump’s desk.”
Faryar Shirzad, chief policy officer at Coinbase, also replied to Bessent’s post. “@SecScottBessent is right. More than a year of bipartisan work has brought CLARITY to this moment. It’s time for the Senate to move it forward and deliver clear rules that protect consumers, strengthen national security, and ensure that America leads,” Shirzad wrote.
Senate dynamics and prior calls
The statement follows earlier comments from lawmakers seeking progress on the legislation. On September 8, Sen. Cynthia Lummis (R-Wyo.) urged her colleagues to advance the Clarity Act.
In a post on X, Lummis wrote that next week’s vote presented a choice between supporting American innovation and strong consumer protections or ceding the future of finance to China.
The Clarity Act is scheduled for a procedural vote around September 15. The bill would establish federal rules for digital assets and define the respective regulatory roles of the Securities and Exchange Commission and the Commodity Futures Trading Commission.
The legislation continues to face uncertainty. Lawmakers remain divided over ethics provisions related to President Donald Trump and his family’s cryptocurrency interests, according to a September 8 report by Semafor.
Sen. Mike Rounds (R-S.D.) said the situation “does not look good right now.” Sen. Thom Tillis (R-N.C.) warned that the bill could fail if the White House does not help resolve the disagreement. Negotiations over the market structure package have continued for months.
Industry advertising campaign
A group connected to the crypto industry’s largest political spending network plans to spend a seven-figure sum on national cable advertising in the week before the Senate vote.
The Cedar Innovation Foundation, a 501(c)(4) linked to the Fairshake super PAC network, will run the campaign, Punchbowl News reported on September 8. Two of the three advertisements promote the bill by citing support from AARP and law enforcement organizations. The third targets banking groups that have opposed aspects of the legislation.
Bessent’s latest comments add to the public pressure on senators as the procedural vote approaches. The Treasury secretary’s statement focused on the need to continue negotiations and move the Clarity Act forward through the legislative process.
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