U.S. Treasury Secretary Scott Bessent on Thursday called on the Senate to pass the Clarity Act, arguing that the House approved the measure more than a year ago and that Senate Banking and Agriculture Committee staff have since spent thousands of hours negotiating bipartisan revisions. Bessent said the bill would tighten consumer protection and anti-money laundering requirements while giving digital assets clearer regulatory treatment in the United States. He also pointed to the Blockchain Regulatory Certainty Act language inside the broader proposal, saying it would protect decentralized software developers by making clear they are not subject to registration requirements under the Bank Secrecy Act. Bessent criticized Senate Democrats for delaying a vote for political reasons and said the outcome would determine whether the U.S. continues to hold a global leadership position in digital assets. He ended his post with a quote attributed to Bitcoin creator Satoshi Nakamoto. The Clarity Act is designed to create a federal framework for the U.S. digital asset market and split oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission, with most crypto assets generally falling under CFTC jurisdiction. Senate Majority Leader John Thune recently said he does not expect the bill to clear the Senate before the August recess.
U.S. Treasury Secretary Scott Bessent on Thursday urged the Senate to pass the Clarity Act, saying the House approved the bill more than a year ago and that staff on the Senate Banking and Agriculture Committees have since spent thousands of hours negotiating bipartisan revisions.
Bessent said the measure would strengthen consumer protection and anti-money laundering requirements while giving digital assets regulatory certainty.
He also said the Blockchain Regulatory Certainty Act provision within the Clarity Act would protect decentralized software developers by clarifying that they are not subject to registration requirements under the Bank Secrecy Act.
Bessent criticized Senate Democrats for delaying a vote for political reasons and said the vote would determine whether the United States continues to hold a global leadership position in digital assets.
He ended his post by quoting 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 is intended to establish a federal framework for the U.S. digital asset market and divide oversight between the U.S. Securities and Exchange Commission, or SEC, and the Commodity Futures Trading Commission, or CFTC. Most crypto assets would generally fall under CFTC oversight.
Still, Senate Majority Leader John Thune recently said he does not expect the bill to pass the Senate before the August recess.
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