Bessent Calls on Senate to Approve CLARITY Act Following Recess

Bessent Calls on Senate to Approve CLARITY Act Following Recess

Treasury Secretary Scott Bessent cautioned that failure to enact the CLARITY Act would deliver a concerning message regarding the United States' position in digital asset leadership.

Treasury Secretary Scott Bessent of the United States has called upon members of Congress to approve the Digital Asset Market Clarity (CLARITY) Act as the Senate prepares to reconvene following its August break next week.

"I strongly urge everyone to remain at the negotiating table, agree to the motion to proceed, and continue the legislative process," wrote Bessent in a Wednesday X post, cautioning that the bill's failure to pass would deliver a "troubling signal" regarding the United States' position of leadership within the digital asset sector.

According to its legislative calendar, the Senate is set to reconvene next Monday after concluding its August recess. The CLARITY Act aims to create the nation's first all-encompassing regulatory structure for digital assets within the United States.

Bessent's comments follow the National Sheriffs' Association's decision to withdraw its opposition to the cryptocurrency market structure legislation on Sept. 3, shifting its stance on the proposed bill to a "neutral" position, which occurred one week prior.

Galaxy has lowered its probability estimates for the CLARITY Act's passage in 2026 on multiple occasions in recent months. The current projection stands at 10%, representing a significant decline from the 75% probability established on May 22.

Despite the CLARITY Act successfully passing through the Senate Banking Committee in May, a majority of Democratic lawmakers and representatives from the banking sector voiced opposition, contending that the legislation would permit cryptocurrency companies to provide yields on stablecoins while avoiding the identical regulatory requirements imposed on traditional banking institutions.