Treasury Secretary Bessent Urges Senate to Pass Crypto Clarity Act

US Treasury Secretary Scott Bessent has publicly urged the Senate to pass the long-awaited crypto Clarity Act when lawmakers return from recess next week.

Writing on social media, Bessent stated that passing the bill is crucial to stop “bad actors” from exploiting digital asset technology and to maintain US leadership. He warned that failure to proceed would signal to allies and adversaries that “America is unwilling to lead on the future of digital assets.”

The Clarity Act, first passed by the House last year, aims to create a formal regulatory framework by distinguishing which digital assets are securities, commodities, or stablecoins. The bill’s progress has been stalled this year due to disputes, including those involving stablecoin yield payments.

President Donald Trump has also urged lawmakers to pass the legislation, calling it “very, very powerful” and necessary for the US to remain the “undisputed leader in Bitcoin and crypto.” A crucial vote on the bill, delayed from August, is now expected next week.