US Treasury Secretary Scott Bessent Strongly Urges Senate To Pass Clarity Act

According to reporting by Bitcoin Magazine, U.S. Secretary of the Treasury Scott Bessent has strongly urged the Senate to pass the crypto Clarity Act when lawmakers return from recess next week. Writing on social media, Bessent stated that the legislation would prevent bad actors from exploiting digital asset technology and warned that failing to act would signal that the United States is unwilling to lead on digital assets.

The long-awaited market structure bill was previously delayed after lawmakers hoped to hold a crucial vote in August before their five-week recess. The Clarity Act, which was passed by the House of Representatives last year, aims to create a framework distinguishing whether digital assets are securities, commodities, or stablecoins. However, the legislation has faced stalls this year due to clashes between the banking lobby and crypto companies regarding stablecoin yield, alongside demands for amendments from a group of Democrats regarding a draft addressing government official ethics.

President Donald Trump has also urged lawmakers to pass the legislation to maintain the U.S. as a leader in crypto. Bessent previously voiced support for the bill in July, emphasizing the importance of American leadership in the digital asset sector.