TLDR
- Treasury Secretary Scott Bessent urged the Senate to vote immediately on the Clarity Act
- He accused Senate Democrats of delaying the bill for political reasons
- Bessent said the bill strengthens consumer protections and anti-money laundering rules
- He ended his message by quoting Bitcoin creator Satoshi Nakamoto
- Senate leaders say the bill may not pass before the August recess
Treasury Secretary Scott Bessent called on the Senate to vote on the Clarity Act right away. He made the request in a post on X on Thursday.
Bessent said the House passed the bill more than a year ago. He said Senate staff have spent thousands of hours working on bipartisan changes since then.
He said Republicans now have a version ready for a floor vote. He accused Senate Democrats of stalling the process for political reasons.
“It’s disappointing but not surprising that Senate Democrats are choosing politics on the cusp of a major victory for American leadership,” Bessent wrote.
He closed his post with a quote from Bitcoin creator Satoshi Nakamoto. “If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry,” the quote read.
What the Bill Would Do
The Clarity Act would create federal rules for crypto markets in the United States. It would split oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
Most digital assets would fall under the CFTC’s jurisdiction. Supporters say this would give the crypto industry clear rules to follow.
Bessent rejected claims that the bill lacks consumer protections. He said Titles II and III would expand compliance rules for crypto firms, bringing them closer to standards used by banks.
He also defended a part of the bill called the Blockchain Regulatory Certainty Act. This section would protect software developers from certain financial registration rules.
Bessent said the Fraternal Order of Police once opposed this provision but now supports it.
Political Fight Over Ethics Provisions
The bill has stalled over ethics provisions added by Senate Republicans in May. These would stop the president and other federal officials from issuing digital assets while in office.
Democrats say the rules are too weak. They point out the restrictions would expire in 2029 and would not apply to officials’ children.
The provisions were written to target President Donald Trump. He earned more than $1.2 billion from crypto ventures in 2025, according to recent disclosures.
Bessent also claimed Senate Democrats fear backlash from Senator Elizabeth Warren. Warren has called her group of crypto critics an “anti-crypto army.”
Senate Majority Leader John Thune said Thursday he does not expect the bill to pass before lawmakers leave for August recess. He said he still hopes to start the floor process before then.
Negotiations over the ethics provisions remain unresolved. Lawmakers are expected to focus on midterm elections once the recess ends, leaving a narrow window for the bill this year.
