On Sep. 9, U.S. Treasury Secretary Scott Bessent issued a stern warning that the Senate should work on the CLARITY Act, or else it would send a "troubling signal" to the allies and adversarie
On Sep. 9, U.S. Treasury Secretary Scott Bessent issued a stern warning that the Senate should work on the CLARITY Act, or else it would send a "troubling signal" to the allies and adversaries of the U.S. that "America is unwilling to lead on the future of digital assets and willing to forgo enhanced national security tools to combat their misuse."
The Digital Asset Market Clarity Act is the most comprehensive legislation to regulate crypto assets in the U.S., which aims to designate distinct responsibilities to the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Related: Treasury Secretary Bessent takes major step to cement U.S. dollar's global dominance
The bill is facing a stalemate due to opposition to stablecoin rewards from several leading banks, which fear stablecoin companies will steal their customers.
The Democrats are also trying to include an ethics provision to bar senior federal officials, including the president and vice president, from using their government positions to personally profit from digital assets.
The Senate will take a procedural vote on the legislation on Sep. 15, with Democrats and some Republicans warning it has insufficient safeguards and could destabilize the banking system.
In July, I called on the Senate to advance the Clarity Act — a bill to establish a comprehensive regulatory framework for digital assets and upgrade our ability to prevent bad actors from exploiting these critical technologies.When the Senate returns from August recess, I…
— Treasury Secretary Scott Bessent (@SecScottBessent) September 9, 2026
In the latest X post, Bessent said he asked the Senate returning after the August recess to come to the negotiating table and continue the legislative process.
Otherwise, it sends a "troubling signal" to the U.S.'s allies and adversaries that the world's largest economy doesn't want to lead the crypto race and ignore the misuse of digital assets, he warned.
Related: JD Vance reveals Bessent's 'discreet plan' to fix $40 trillion debt
