Treasury Secretary Scott Bessent has called on lawmakers to prioritize the Digital Asset Market Clarity (CLARITY) Act as the Senate prepares to resume sessions following its August recess next week.
Bessent emphasized that stalling the legislation would negatively impact the standing of the United States in the global digital asset sector. He urged stakeholders to continue negotiations and proceed with the legislative process.
The proposed bill aims to create the first unified regulatory framework for digital assets in the country. It successfully passed the Senate Banking Committee in May, though it faces ongoing criticism from the banking industry and most Democrats.
Opponents of the bill argue that it grants crypto companies the ability to offer yields on stablecoins while bypassing the stringent regulatory requirements imposed on traditional banking institutions.
Market sentiment regarding the bill's passage has shifted significantly. Galaxy has lowered its probability forecast for the act passing in 2026 to 10 percent, a sharp decline from the 75 percent estimate recorded on May 22.
Recent developments include a shift in stance from the National Sheriffs’ Association, which moved from opposing the bill to a neutral position on September 3.
