U.S. Treasury Secretary Scott Bessent has called on the Senate to advance the Clarity Act immediately following the conclusion of the August recess. The legislation, which aims to establish a formal regulatory framework for digital assets, is scheduled for a Senate vote next week.
The bill seeks to categorize digital assets as securities, commodities, or stablecoins. It also includes provisions intended to prevent the misuse of digital asset technology by illicit actors. Bessent emphasized that failing to pass the act could signal a lack of American leadership in the sector.
The legislation previously passed the House of Representatives last year but faced delays in the Senate. Conflicts between the banking lobby and crypto firms regarding stablecoin yield payments, alongside debates over ethics clauses banning government officials from profiting from crypto, have stalled progress.
President Donald Trump has publicly supported the bill, stating that its passage is essential for the United States to maintain a leading position in the Bitcoin and cryptocurrency markets. Lawmakers are now expected to resume negotiations as they return to session.
