Bessent Urges Senate to Advance CLARITY Act on Crypto
Scott Bessent Urges Senate to Advance CLARITY Act – Treasury Push Highlights Ongoing Crypto Regulatory Stalemate
Key Takeaways
- US Treasury Secretary Scott Bessent called on the Senate Banking Committee to hold a markup of the CLARITY Act and advance it to President Donald Trump.
- The CLARITY Act passed the House in July 2025 with a 294-134 bipartisan vote but has stalled in the Senate.
- Disputes over stablecoin yield provisions and competing committee drafts have delayed progress.
- Bessent argues the bill would define digital asset classifications, create registration pathways for trading platforms, and strengthen anti money laundering oversight.
- The legislative calendar ahead of the 2026 midterm elections may limit the window for Senate action.
Treasury Secretary Calls for Senate Markup of the CLARITY Act
US Treasury Secretary Scott Bessent has publicly urged the Senate Banking Committee to move forward with the CLARITY Act, a crypto market structure bill that has been awaiting Senate action since mid 2025. In an op ed, Bessent called on lawmakers to hold a markup session and send the legislation to President Donald Trump for signature.
The CLARITY Act cleared the House of Representatives in July 2025 with a bipartisan vote of 294-134. Despite that margin, the proposal has not advanced in the Senate. Bessent described the bill as a necessary step to provide a comprehensive regulatory framework for digital assets in the United States.
His statement marks the most direct public intervention to date by a senior administration official in support of the legislation. By addressing the Senate Banking Committee specifically, Bessent placed responsibility for the next procedural step squarely on the upper chamber.
Connection to the GENIUS Act and Stablecoin Rules
Bessent framed the CLARITY Act as a continuation of the GENIUS Act, which President Trump signed into law in July 2025. The GENIUS Act established rules for dollar backed stablecoins.
According to Bessent, the stablecoin framework created by the GENIUS Act lacks the broader market structure needed to support tokenized assets and decentralized exchanges. He argued that without the CLARITY Act, regulation remains incomplete.
In his remarks, Bessent referenced the size of the global digital asset market, which fluctuates between 2 trillion and 3 trillion US dollars. He also noted that nearly one in six Americans holds some form of digital asset. These figures were used to underline the scale of the market that would fall under the proposed regulatory structure.
Key Disputes Delaying Senate Action
The Senate has yet to bring the CLARITY Act to a vote, largely due to disagreements over specific provisions. One of the central sticking points involves stablecoin yield provisions. Competing committee drafts have also contributed to the delay.
In March, Senators Thom Tillis and Angela Alsobrooks reportedly reached an agreement in principle on the stablecoin yield issue, which has been one of the largest obstacles to progress. However, other matters remain unresolved. These include protections related to decentralized finance and provisions addressing illicit finance risks.
Senator Cynthia Lummis indicated in March that a Senate Banking Committee hearing could take place in late April. Whether such a hearing leads to a markup and floor vote remains dependent on how quickly outstanding differences are addressed.
Regulatory Uncertainty and International Competition
Bessent warned that continued regulatory uncertainty has already encouraged crypto development to move to jurisdictions with clearer frameworks. He specifically named Abu Dhabi and Singapore as examples of locations that have attracted digital asset activity.
The CLARITY Act, as described by Bessent, would establish formal registration pathways for digital asset trading platforms. It would also define when a digital asset qualifies as a security and strengthen anti money laundering oversight.
For trading platforms, token issuers, and decentralized finance projects, such definitions would determine which regulatory body has oversight and what compliance standards apply. The absence of these definitions has been cited as a barrier to long term planning for market participants operating in or serving the US market.
Midterm Elections Add Time Pressure
The 2026 midterm elections create additional urgency for lawmakers considering crypto legislation. A shift in congressional control after the elections could alter legislative priorities or delay further consideration of digital asset bills.
Bessent emphasized that Congress has spent several years attempting to establish a framework for digital assets. He argued that the Senate should act before the legislative calendar becomes dominated by election related pressures.
If the Senate Banking Committee proceeds with a markup and advances the bill, the CLARITY Act could reach President Trump later this year. If not, the measure may face renewed uncertainty depending on the post election political landscape.
Our Assessment
The Treasury Secretary’s call for action highlights that the CLARITY Act remains stalled despite House approval and prior progress on stablecoin legislation. Key disputes in the Senate, particularly around stablecoin yield provisions and decentralized finance safeguards, continue to delay movement. With the 2026 midterm elections approaching, the available window for passing a comprehensive US crypto market structure law appears limited under the current legislative session.
