Treasury Secretary Invokes Bitcoin Creator Satoshi Nakamoto in Plea for Clarity Act
Scott Bessent urged the Senate to pass the Clarity Act, arguing Democrats are stalling for political reasons and that the U.S. could lose its lead in digital assets without clearer rules. He said the bill has already gone through extensive bipartisan staff negotiations and would create a federal framework for crypto, split oversight between the SEC and CFTC, and place most digital assets under CFTC jurisdiction. He rejected claims that the bill weakens consumer or anti-money-laundering protections, saying it would increase compliance requirements and protect decentralized software developers consistent with Treasury policy. Bessent also said the bill’s ethics provisions are intended to restrict federal officials from issuing digital assets while in office. The bill remains uncertain because Senate negotiations, especially over those ethics rules, are unresolved and could miss the August recess deadline.
