Treasury Secretary Scott Bessent is urging the US Senate to vote on the Crypto Clarity Act, which passed the House in July 2025. The bill aims to establish a federal regulatory framework for digital assets, dividing oversight between the SEC and the CFTC.
The legislation includes disclosure requirements, anti-money laundering standards, and registration pathways for companies. It requires 60 votes in the Senate to overcome a filibuster, necessitating bipartisan support.
Key points of contention include stablecoin yield regulations, ethics rules for government officials, and compliance obligations for software developers. Critics argue the latter could impact open-source code development.
Bessent warns that the lack of clear domestic rules drives innovation to jurisdictions like Singapore and the UAE. Prediction markets currently estimate a 16% probability of the bill being enacted this year.
