U.S. Treasury Secretary Scott Bessent used a Wednesday post on X to press Congress to move the Digital Asset Market Clarity (CLARITY) Act forward as soon as the Senate returns from its August recess next week. Bessent said the bill should remain on the negotiating table and that failure to pass it would send a "troubling signal" about America’s leadership in the digital‑asset sector.
The Senate is slated to resume business on Monday, according to its legislative calendar. The CLARITY Act would create the first comprehensive regulatory framework for digital assets in the United States, covering issues such as stablecoin yields and market structure.
The call follows a recent shift by the National Sheriffs’ Association, which on Sept. 3 moved from opposing the crypto market‑structure bill to a neutral stance. Meanwhile, Galaxy’s probability estimate that the CLARITY Act will be enacted by 2026 has fallen sharply to 10%, down from 75% in May.
The legislation cleared the Senate Banking Committee in May, but it has faced resistance from many Democrats and the banking industry, who argue it could let crypto firms offer stablecoin yields without the same regulatory requirements imposed on banks.
Bessent’s urging underscores the Treasury’s broader push for clear, consistent rules for the rapidly evolving digital‑asset market, a priority the department says is essential for investor protection and maintaining the United States’ competitive edge.
