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Bessent urges Senate to pass Clarity Act, warns on US digital assets
Bessent said the House passed the bill more than a year ago and that Senate staff have spent thousands of hours negotiating revisions.
U.S. Treasury Secretary Scott Bessent urged the Senate to immediately vote on the Clarity Act, arguing the legislation would strengthen consumer protections and anti-money laundering requirements while giving digital assets regulatory certainty.
According to Decrypt, Bessent accused Senate Democrats of delaying the vote for political reasons, saying the House passed the bill more than a year ago and that Senate Banking and Agriculture committee staff have spent thousands of hours on bipartisan revisions.
He defended provisions he said would expand compliance obligations for digital asset intermediaries closer to standards used for traditional financial institutions, and he argued a Blockchain Regulatory Certainty provision would protect decentralized software developers by codifying Treasury policy that they are not subject to Bank Secrecy Act registration requirements.
Bessent also warned the U.S. could lose leadership in digital assets without clear rules, adding that the Fraternal Order of Police, which previously opposed the measure, now supports it.