US Treasury Secretary Scott Bessent has urged the Senate to pass the CLARITY Act, framing approval as essential to establishing a comprehensive legislative framework for the crypto industry and maintaining American leadership in digital assets.
Bessent's appeal comes as the bill faces competing pressures in Congress. The American Bankers Association has lobbied senators against passage, citing concerns that stablecoin yield provisions could undermine bank deposits and financial stability. Crypto advocates and firms, meanwhile, have escalated efforts to secure approval.
The Treasury Secretary warned that rejecting the bill would send a problematic signal internationally and could limit national security tools to address illicit uses of digital assets, noting that cryptocurrency misuse undermines security objectives.
What the CLARITY Act Would Do
The House passed the legislation in July of last year. Senators are scheduled to vote on the measure on September 15.
According to Bessent, the act would improve consumer protections, strengthen anti-money-laundering requirements, and provide legal certainty for digital assets. The legislation would also clarify that builders of decentralized platforms are exempt from Bank Secrecy Act requirements, protecting them from certain regulatory obligations.
Bessent emphasized that Senate passage would be decisive in determining whether the country maintains global leadership in digital assets.
