Bessent Turns Up the Heat on Senate Democrats US Treasury Secretary Scott Bessent is pushing hard for a Senate floor vote on the Digital Asset Market CLARITY Act, warning that further delays
US Treasury Secretary Scott Bessent is pushing hard for a Senate floor vote on the Digital Asset Market CLARITY Act, warning that further delays risk ceding America's lead in the global digital asset industry. Bessent has urged senators to vote immediately on the bill, increasing pressure on lawmakers ahead of the August recess.
He accused Senate Democrats of slowing the bill for political reasons, arguing the US should focus on creating clear rules rather than allowing innovation to move elsewhere.In a post on X, he specifically accused Democrats of resisting the legislation out of fear of opposition from Senator Elizabeth Warren and what he described as her "anti-crypto army."
Addressing concerns over consumer protections, Bessent argued the legislation strengthens oversight by imposing regulatory and compliance requirements on digital asset intermediaries, similar to those applied to traditional financial institutions. He also defended existing protections for decentralized software developers within the bill.
Bessent closed his appeal with a pointed flourish, first drawing a hard line on US competitiveness: "America will lead or America won't. It's not more complicated than that." He then invoked an unlikely authority. He ended his post with a quote widely linked to Bitcoin creator Satoshi Nakamoto: "If you don't believe me or don't get it, I don't have time to try to convince you, sorry."
The House passed the bill with a strong bipartisan majority of 294-134 on July 17, 2025.The Senate Banking Committee then advanced it on May 14, 2026, by a vote of 15-9, though two Democrats who voted in favour indicated their committee support did not guarantee backing on the Senate floor without further progress on outstanding issues, particularly an ethics provision addressing government officials' ties to the crypto industry.
To become law, the bill must still be reconciled with the Senate Agriculture Committee's version, pass a 60-vote Senate floor vote, be reconciled with the House-passed version, and be signed by the President.Polymarket traders currently place the bill's chance of becoming law in 2026 at around 26%.
The bill aims to define when digital assets are considered securities or commodities and, as a result, which financial regulator has jurisdiction over them.Under the legislation, DeFi projects would also gain a safe harbor for non-custodial code and infrastructure. The bill remains one of the crypto industry's top legislative priorities in Washington.
Sources:Decrypt: Treasury Secretary Invokes Satoshi Nakamoto in Plea for Clarity ActCrypto.news: CLARITY Act Faces Senate Test as Bessent Demands VoteLatham & Watkins: US Crypto Policy Tracker Legislative Developments
