Scott Bessent Urges Senate to Pass CLARITY Act Immediately

• Scott Bessent urges Senate to pass the CLARITY Act, warning delays could hurt US crypto leadership.
• He frames crypto regulation as both an economic priority and a national security issue.
• Crypto development is already moving to Abu Dhabi and Singapore due to a lack of US clarity.

The US Treasury Secretary has gone public with an urgent message for the Senate: pass the CLARITY Act now, before the window closes.

Scott Bessent published a full op-ed in the Wall Street Journal this week calling on Congress to move swiftly on crypto market structure legislation, framing the issue not as a regulatory technicality but as a matter of economic and national security.

“Senate floor time is scarce, and now is the time to act. The promise of GENIUS can’t be realized without Clarity’s support.” Bessent wrote.

What He Actually Said

Bessent brought to attention that the global digital asset market has fluctuated between $2 trillion and $3 trillion over the past year. Approximately one in six Americans holds some form of digital asset. Blockchain technology is expanding into payments, settlements, and real-world asset exchanges at a pace that no longer allows Washington to treat it as a niche experiment.

His warning about what inaction has already cost was an important part of the piece. “A growing share of crypto development relocated to places with clear rules, such as Abu Dhabi and Singapore,” he wrote. He added that the advantages of operating in the US often did not outweigh the associated risks.

What the CLARITY Act Does

The bill passed the House in July 2025 with a strong bipartisan vote of 294 to 134. It would divide oversight between the CFTC for digital commodities, including Bitcoin, and the SEC for securities-like activities, while establishing registration requirements and anti-money-laundering rules across the industry.

Senator Cynthia Lummis backed Bessent’s push immediately. “We have the administration, the momentum, and we have made bipartisan progress,” she said. Lummis added that Congress must pass the CLARITY Act now.

The Stakes

Bessent tied the legislation directly to American competitiveness, arguing the US must set the global standard rather than follow rules written elsewhere. The US must, as he put it, “set the world standard.”

With the Senate calendar tightening and midterm politics beginning to crowd the legislative agenda, the pressure to act this spring is real. 

Related: Lawmakers Move to Clarify Stablecoin Rewards in CLARITY Act