Treasury Secretary Bessent urges CLARITY Act passage after Senate returns
Summary
US Treasury Secretary Scott Bessent urged the Senate to pass the Digital Asset Market Clarity (CLARITY) Act when lawmakers return from recess, saying failure to advance it would signal weakness in U.S. leadership on digital assets. The bill aims to create the first comprehensive U.S. regulatory framework for crypto markets. Recent momentum includes the National Sheriffs’ Association shifting to a neutral stance. Despite clearing the Senate Banking Committee in May, the bill still faces opposition from many Democrats and the banking industry over concerns it could let crypto firms offer stablecoin yields without bank-like rules. Galaxy has sharply cut its odds of passage.
