Bessent Presses Senate to Act Before Recess U.S. Treasury Secretary Scott Bessent declared on Tuesday that lawmakers are at the "1-yard line" on the Digital Asset Market Clarity Act, urging C
U.S. Treasury Secretary Scott Bessent declared on Tuesday that lawmakers are at the "1-yard line" on the Digital Asset Market Clarity Act, urging Congress to pass the bill before members leave for recess. Bloomberg reported that Bessent told lawmakers the bill was nearly done and pressed them to get it across the line before the summer break.
The CLARITY Act would route decentralized digital commodities to the CFTC while keeping securities oversight with the SEC. It passed the House in July 2025 and cleared the Senate Banking Committee 15-9 in May 2026.A full Senate vote has hinged on three unresolved disputes: stablecoin yield, DeFi oversight, and an ethics provision aimed at officials profiting from crypto.The bill also requires backing from Democrats to reach the 60 votes needed in the Senate.
Bessent has previously warned that prevailing uncertainty has driven development to international hubs like Singapore and Abu Dhabi, where firms benefit from clearer registration standards and lower legal risks.The CLARITY Act is described as the most comprehensive attempt yet to replace a decade of case-by-case, enforcement-driven crypto regulation with a permanent statutory framework.
$BTC rose as much as 2.5%, inching toward $67,000, while shares of Coinbase Global climbed as much as 13% on the back of Bessent's comments.Ether added as much as 2.5% to trade around $1,950, and smaller tokens also rallied.
Crypto-related stocks significantly outperformed $BTC on the day, with companies most directly affected by U.S. regulatory developments seeing the highest gains.Shares in Coinbase Global rose 11.8%, Circle Internet Group advanced 8.1%, and Strategy gained 3.7%.
For a market that has spent much of the year absorbing the weight of regulatory ambiguity, comments from a sitting Treasury Secretary carried real weight. Analysts have long argued that a settled legal framework would remove a key overhang on digital assets, encouraging institutional participation and bringing developers back onshore. Senator Lummis has warned that failure in 2026 could delay comprehensive federal digital asset regulation until 2030, after a new Congress of unknown composition.
Bloomberg: Bitcoin Rallies After Bessent Says Clarity Act at "1-Yard Line" | Datawallet: CLARITY Act Explained | TechTimes: CLARITY Act Heads to Federal Hall With Senate Vote in Doubt
