US Treasury Secretary Scott Bessent has urged lawmakers to advance the Digital Asset Market Clarity Act when the Senate returns from its August recess.
Bessent warned that failure to pass the legislation could send a negative signal about the United States’ position in the global digital asset industry.
Bessent Calls for Continued CLARITY Act Negotiations
In a post on X, Bessent encouraged lawmakers to remain engaged in negotiations and continue moving the bill through the legislative process.
He urged senators to support the motion to proceed and warned that abandoning the legislation could raise concerns about America’s leadership in digital assets.
The Senate is scheduled to return from its August recess next Monday.
What Is the CLARITY Act?
The CLARITY Act is designed to create a broad regulatory framework for digital assets in the United States.
If approved, the legislation could provide clearer rules for cryptocurrency companies, stablecoin issuers and other businesses operating in the digital asset sector.
Supporters argue that greater regulatory clarity could help the US remain competitive as other jurisdictions develop their own crypto frameworks.
Opposition to the Crypto Bill Begins to Ease
Bessent’s comments came shortly after the National Sheriffs’ Association changed its position on the legislation.
On Sept. 3, the group dropped its opposition to the crypto market structure bill and moved to a neutral stance.
The shift removed one source of resistance, although significant political and industry disagreements remain.
Odds of CLARITY Act Passage Fall Sharply
Expectations that the CLARITY Act will pass in 2026 have weakened considerably in recent months.
Galaxy now places the probability of passage at just 10%, down from 75% on May 22.
The decline reflects growing uncertainty over whether lawmakers can resolve disagreements surrounding the bill.
Stablecoin Yields Remain a Major Dispute
The CLARITY Act advanced through the Senate Banking Committee in May, but it continued to face resistance from Democratic lawmakers and parts of the banking industry.
One of the main concerns involves the treatment of stablecoin yields.
Critics argue that the legislation could allow crypto companies to offer yield-bearing stablecoin products without being subject to the same regulatory requirements that apply to traditional banks.
That issue has become a central point of debate as lawmakers attempt to reach a broader agreement on US crypto regulation.
Senate Return Puts Crypto Regulation Back in Focus
The Senate’s return is expected to bring renewed attention to the CLARITY Act and the wider debate over digital asset regulation.
For the crypto industry, the outcome could be significant. A successful bill could establish a clearer legal framework for companies operating in the United States, while another delay could extend regulatory uncertainty.
Bessent’s latest comments suggest that the Treasury Department wants lawmakers to keep negotiations moving rather than allow the legislation to stall.
