Scott Bessent, the U.S. Treasury Secretary, called on the Senate to finally vote on the CLARITY Act, stressing that the crypto legislation has been ready for over a year. The House passed the bill more than twelve months ago, and Senate committees have moved parts of it forward, but the full Senate vote remains stalled.
Senate Momentum and Political Roadblocks
Bessent highlighted that Senate Republicans have prepared a version of the CLARITY Act ready for floor consideration after the Banking and Agriculture committees advanced relevant sections. He warned that further delays risk losing the U.S.'s competitive edge in the global crypto market.
The Treasury chief criticized Senate Democrats for dragging their feet, accusing them of putting politics ahead of American leadership in digital asset regulation. He dismissed concerns about the bill’s consumer protections and anti-money laundering measures, noting Titles II and III would increase compliance duties for digital asset firms, bringing them closer to the standards of traditional finance.
Support Grows for Blockchain Regulatory Certainty Act
In addition, Bessent defended the Blockchain Regulatory Certainty Act, which is part of the broader crypto framework debate. This act aims to shield non-custodial developers from registration mandates under the Bank Secrecy Act, aligning with longstanding Treasury policy that does not treat software builders as money service businesses when they do not control user funds.
Interestingly, some law enforcement groups that previously opposed the bill have now shifted their stance. The Fraternal Order of Police is among those who have come out in support, reflecting a changing landscape.
House Majority Whip Tom Emmer expressed gratitude for Bessent’s backing, emphasizing bipartisan and stakeholder agreement to pass the CLARITY Act promptly.
This material is for informational purposes and does not constitute financial advice.
