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U.S. Treasury Urges Senate to Quickly Pass the Clarity Act Regulation

U.S. Secretary of the Treasury Scott Bessent urged members of Congress to back and promptly pass the Clarity Act bill this summer. During a Senate Finance Committee hearing on the 2027 budget, Bessent emphasized the importance of this regulation to implement best practices domestically and to make the U.S. the center of the world’s crypto industry.
​The Clarity Act bill is designed to regulate the digital asset industry at the federal level for the first time. The regulation was previously approved by the U.S. House of Representatives last year. However, its passage was stalled in the Senate due to a number of debates, ranging from how stablecoin yields are treated, protections for software developers, to issues of conflicts of interest related to President Donald Trump’s crypto business ventures. The time to pass this bill is growing increasingly urgent because priorities on Capitol Hill will soon shift to the year-end budget proposal and preparations for the midterm elections in November.
​Alongside the regulatory push, Bessent also confirmed to lawmakers that the Department of the Treasury is processing the establishment of a strategic Bitcoin reserve. The initiative, which is instructed through President Trump’s executive order, will primarily be funded using Bitcoin that the government has seized through civil and criminal cases. Although Bessent acknowledged that establishing this reserve is quite complex, he said his department is moving forward at a measured pace to ensure the system’s long-term durability in the future.