U.S. Treasury Secretary Scott Bessent is pressing Congress to move quickly on crypto market structure legislation, warning that delays could weaken the country’s lead in digital assets. He framed the issue as a national priority and said lawmakers must act now before the opportunity slips away.
Bessent says the Clarity Act cannot sit in the Senate any longer
In a recent opinion piece, Bessent argued that economic security is tied to leadership in digital assets and called on lawmakers to pass the Clarity Act immediately. His message was blunt: if regulatory clarity keeps stalling, innovation will keep leaving the United States. The bill has already been stuck in the Senate for more than 260 days, and upcoming midterm election pressure could make passage even harder.
He also noted that Senate floor time is limited, which makes timing critical. The push comes as crypto ownership has become more mainstream in the country. According to the report, nearly 1 in 6 Americans owns digital assets. Major financial institutions are also rolling out crypto-linked products, while blockchain infrastructure is expanding into payments, settlement systems, and tokenized real-world assets.
Senator Cynthia Lummis backed Bessent’s position as well, saying the administration, market momentum, and bipartisan progress are already in place and that Congress should pass the Clarity Act now.
Stablecoin yield dispute remains the main sticking point
The biggest obstacle to the legislation is a dispute over stablecoin rewards. Banking groups argue that allowing yield on stablecoins could pull deposits away from traditional banks. That debate has slowed the bill and kept the broader framework from moving ahead.
White House economic analysis cited in the report suggests the effect on bank lending would be small. If stablecoin rewards were banned, total bank lending would rise by only 0.02%, or roughly $2.1 billion. Most of that gain would go to large banks, while the benefit to community lenders would be limited.
Unclear U.S. rules are sending firms to Singapore and Abu Dhabi
Bessent warned that if Congress does not act, the United States could lose ground in digital finance. He said unclear domestic rules have already pushed crypto development toward Singapore and Abu Dhabi, where companies operate under clearer regulatory frameworks.
He also cautioned that election-related pressure could narrow the remaining window for legislation. If the delay continues, the U.S. risks falling farther behind other countries that are moving faster on crypto regulation.