Treasury Secretary Bessent Urges Senate to Pass CLARITY Act Before September 25 Recess End

U.S. Treasury Secretary Scott Bessent urged lawmakers to pass the Digital Asset Market Clarity Act when the Senate returns next Monday. He posted a message on X stating he wants everyone to stay at the negotiating table and continue the legislative process. Bessent warned that failing to pass the bill would send a troubling signal about American leadership in the digital asset industry. The CLARITY Act aims to create the first comprehensive regulatory framework for digital assets in the United States. Most Democrats and parts of the banking industry opposed the measure previously, arguing it would let crypto firms offer yields on stablecoins without facing bank requirements. The National Sheriffs Association dropped its opposition on September 3, calling the position neutral. Galaxy Digital reduced its odds of passing to 10% from 75% in May after the bill cleared the Senate Banking Committee.