U.S. Treasury Secretary Scott Bessent called on the Senate to hold a vote on the CLARITY Act, stating that the digital asset market structure bill is ready for floor action after more than a year of legislative negotiations.

Bessent Presses for Floor Vote

Bessent noted that the House of Representatives passed the CLARITY Act over a year ago. Senate committees subsequently advanced related provisions through the Banking and Agriculture committees, and Senate Republicans have now prepared a floor-ready version awaiting a vote.

The Treasury secretary argued that establishing federal market rules for digital assets would help keep crypto activity within the United States. He warned that further delays risk undermining American leadership in the global cryptocurrency industry, particularly as other jurisdictions have already moved to implement comprehensive digital asset frameworks. The European Union's Markets in Crypto-Assets regulation, known as MiCA, began full application in 2024, giving EU-based firms a unified rulebook while U.S. companies continue to navigate an unsettled patchwork of agency enforcement actions and court rulings.

Bessent criticized Senate Democrats for obstructing the bill's progress, stating:

"It's disappointing — but not surprising — that Senate Democrats are choosing politics on the cusp of a major victory for American leadership."

He dismissed claims that the legislation lacks consumer protections or safeguards against illicit finance. Titles II and III of the bill, Bessent said, would strengthen compliance obligations for digital asset intermediaries, bringing them more in line with traditional financial institutions.

Blockchain Regulatory Certainty Act Defended

Bessent also voiced support for the Blockchain Regulatory Certainty Act, a component of the broader digital asset policy debate. The measure would shield non-custodial software developers from registration requirements under the Bank Secrecy Act.

The Treasury secretary characterized this stance as consistent with longstanding departmental policy across multiple administrations, noting that non-custodial software builders have not been treated as money service businesses when they do not control user funds.

Bessent pointed out that some law enforcement organizations that previously opposed the bill have since reversed course. He cited the Fraternal Order of Police as one group that now endorses the legislation.

House Majority Whip Tom Emmer expressed gratitude for Bessent's backing of the Blockchain Regulatory Certainty Act. Emmer stated:

"Republicans in the House, law enforcement stakeholders, and the Trump administration are all in agreement: pass the Clarity Act now!"

The broader debate encompasses how digital asset businesses should register, disclose information, and manage customer protection obligations. To date, the absence of a comprehensive federal framework has left the SEC and CFTC to assert overlapping jurisdictions through individual enforcement cases, a dynamic that firms say raises legal costs and deters product launches. Lawmakers continue to examine how federal regulations should apply to token issuers, exchanges, developers, and non-custodial platforms.

Senate Timeline and Industry Stakeholders

The CLARITY Act has faced delays in the Senate amid ongoing disagreements over stablecoin yields, crypto ownership disclosure requirements, and regulatory agency oversight. Senators Thom Tillis and Ruben Gallego are working on revisions aimed at advancing the bill before the August 8 recess. If the legislation does not move before then, a final vote could be deferred until mid-September.

The timeline is significant for cryptocurrency companies seeking regulatory clarity before launching or expanding digital asset products. Market structure legislation is widely viewed as the second pillar of a broader crypto policy effort, following the enactment of stablecoin legislation earlier in 2025.

Coinbase and Robinhood have both advocated for clearer digital asset regulations. A comprehensive federal framework could reduce uncertainty and enable both firms to expand their crypto offerings to retail and institutional clients.

Coinbase has supported a regulatory structure that would grant the Commodity Futures Trading Commission greater authority over crypto markets, an approach that would classify many tokens as commodities rather than securities. Robinhood has called for improved coordination between the CFTC and the Securities and Exchange Commission. The brokerage has expanded its footprint in cryptocurrency trading, tokenized assets, and prediction-market products.

Both companies also have a stake in rules governing staking and stablecoin yields. A strict prohibition on yield-bearing products could have a more pronounced impact on Coinbase, where stablecoin-related revenue represents a meaningful portion of its business.

Bessent framed the Senate's decision as a pivotal moment for U.S. crypto policy, writing:

"America will lead or America won't. It's not more complicated than that."