U.S. Treasury Secretary Scott Bessent Urges Senate to Pass Clarity Act
Key Takeaways
- •Treasury Secretary Scott Bessent publicly urged the Senate on September 9 to resume work on the Clarity Act immediately after the August recess.
- •The Senate's anticipated August vote on the crypto market structure bill was delayed, and the next procedural step is agreeing to a motion to proceed.
- •The House approved the Clarity Act last year, and the bill would divide regulatory oversight and classify digital assets as securities, commodities, or stablecoins.
- •The legislation stalled this year partly over a clash between the banking lobby and crypto firms on stablecoin yields, while a July ethics draft would prohibit officials from promoting or profiting from cryptocurrencies.
- •President Trump has separately called for the bill's passage, saying it is needed for the United States to remain the leader in Bitcoin and crypto.
U.S. Treasury Secretary Scott Bessent has urged lawmakers to advance the crypto Clarity Act when the Senate returns from its five-week August recess next week.
In a September 9 post on X, Bessent said the legislation would help prevent “bad actors” from exploiting important digital-asset technology. The Senate had been expected to hold a key vote on the long-awaited crypto market structure bill in August, but the vote was delayed. The immediate procedural question is whether senators can agree to a motion to proceed and resume negotiations on the bill.
JUST IN: US Treasury Secretary Scott Bessent says he 'strongly urges' the Senate to pass the Clarity Act. "Failing to do so would send a troubling signal to our allies and adversaries alike that America is unwilling to lead on the future of digital assets". pic.twitter.com/dA4aIpzwYb — Bitcoin Magazine (@BitcoinMagazine) September 9, 2026
“When the Senate returns from August recess, I strongly urge everyone to remain at the negotiating table, agree to the motion to proceed, and continue the legislative process,” Bessent said.
“Failing to do so would send a troubling signal to our allies and adversaries alike that America is unwilling to lead on the future of digital assets and willing to forgo enhanced national security tools to combat their misuse.”
Bessent also called for passage of the Clarity Act in July, saying lawmakers needed to support it to be “on the side of American Exceptionalism.” In another social media post, he quoted Bitcoin’s pseudonymous creator, Satoshi Nakamoto:
“America will lead or America won’t,” Bessent wrote. “It’s not more complicated than that. I believe Satoshi once said it best: ‘If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry.'”
The House of Representatives passed the Clarity Act last year. The bill would establish a framework for dividing oversight among regulators and distinguish whether digital assets are securities, commodities or stablecoins. The digital asset industry has long called for those rules to be formally established.
The legislation has largely stalled this year as the banking lobby and crypto companies clashed over whether customers should receive yield on stablecoins. A new draft addressing ethics began circulating in July. It would prohibit government officials from promoting cryptocurrencies or profiting from them, an issue Democrats have raised in criticism of President Donald Trump’s family.
A group of Democrats nevertheless said the revised bill did not go far enough and called for additional amendments.
President Trump has also urged lawmakers to pass the legislation. In August, he said the United States needed to approve the “very, very powerful legislation” to remain the “undisputed leader in Bitcoin and crypto.”
The article, written by Mathew Di Salvo, first appeared in Bitcoin Magazine.
