- Bessent called on Senate Republicans to send the CLARITY Act to President Trump’s desk.
- He said that without clear federal rules, the industry is stuck in limbo.
- The bill cleared the House of Representatives in July 2025 but has stalled in the Senate.
Treasury Secretary Scott Bessent is pushing Congress hard to pass major crypto legislation, warning that if the US doesn’t act fast, it could lose its edge in digital assets.
On X, Bessent told lawmakers to get moving on the CLARITY Act, calling on Senate Republicans to “hold a markup and send the CLARITY Act to President Trump’s desk.” He added: “Senate time is precious, and now is the time to act.”
Bessent’s comments come after a Wall Street Journal op‑ed he wrote called Digital Asset Rules Need Clarity, in which he said that without clear federal rules, the industry is stuck in limbo and innovation is heading overseas.
The Treasury Secretary noted that the unclear US regulation is already pushing crypto companies to places like Singapore and Abu Dhabi, where the rules are much clearer.
In the past, Bessent has pushed for the bill over and over, saying before that it would bring great comfort to the market during volatility.
The CLARITY Act Delays
The CLARITY Act is a comprehensive crypto market structure bill aimed at clearing up the rules for digital assets in the US. Key parts include:
- Split oversight between the SEC (Securities and Exchange Commission) and CFTC (Commodity Futures Trading Commission)
- Defining digital assets as securities or commodities
- Setting up registration rules for exchanges and intermediaries
- Adding consumer protections and compliance requirements
The bill cleared the House of Representatives in July 2025 with solid support from both parties, but it’s been stuck in the Senate ever since due to ongoing disputes.
This delay is mostly due to disagreements between banks and crypto firms, mainly over how to handle stablecoins.
Major contention points include whether stablecoin issuers can pay yield or rewards, and how crypto platforms should be regulated compared to regular banks. Another notable issue is how to balance innovation with financial stability.
Negotiations failed to reach a compromise before a March 2026 deadline, leaving the bill in legislative limbo.
Bessent is pushing for the CLARITY Act as pressure builds from both government and industry. For instance, crypto executives like Ripple’s Brad Garlinghouse say the bill has a real shot of passing in 2026, possibly even by the end of May.
On the other hand, prediction markets such as Polymarket put the odds at roughly 60%, pointing to uncertainty.
Related: Lawmakers Move to Clarify Stablecoin Rewards in CLARITY Act
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