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Bessent urges Senate to pass crypto Clarity Act next week
The proposed framework would split oversight across regulators by categorizing digital assets as securities, commodities, or stablecoins.
U.S. Treasury Secretary Scott Bessent urged lawmakers to move forward with the crypto Clarity Act when the Senate returns from recess next week, according to Bitcoin Magazine. Bessent said in a Wednesday post that failing to pass the bill would send a negative signal to U.S. allies and adversaries about America’s willingness to lead on digital assets.
The article says the Clarity Act had been targeted for a vote in August before a five-week recess, but the timeline slipped. Bessent called on lawmakers to stay at the negotiating table, agree to proceed, and continue the legislative process.
Bitcoin Magazine reports that the bill, which passed the House of Representatives last year, would create a framework for regulators to formally divide oversight and distinguish which digital assets fall under securities, commodities, or stablecoins. The crypto industry has sought clearer, settled rules.
The report also points to obstacles that have stalled the legislation this year, including disputes between the banking lobby and crypto companies over paying customers stablecoin yield. It adds that a new draft circulating in July would ban government officials from promoting or profiting from crypto, a point criticized by Democrats in the article.
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