Treasury Secretary Bessent Urges Congress To Pass Major Crypto Bill
News By Alex Dovbnya Thu, 9/04/2026 - 7:49 U.S. Treasury Secretary Scott Bessent has issued a forceful call to action, urging Congress to immediately pass the Clarity Act to secure America’s position as the global center for digital asset innovation. Advertisement
Advertisement
U.S. Treasury Secretary Scott Bessent has thrown his political weight behind a massive overhaul of the country's cryptocurrency market structure.
In a new op-ed published in The Wall Street Journal, Bessent argued that the immediate passage of the Clarity Act is an absolute national priority.
He has warned lawmakers that the United States risks surrendering its status as the world's financial center if it hesitates on digital asset regulation.
HOT Stories Treasury Secretary Bessent Urges Congress To Pass Major Crypto Bill Ripple Veteran: Satoshi's Bitcoin Keys Are Lost Forever"Senate floor time is scarce, and now is the time to act," Bessent urged, framing the legislation as a matter of global dominance. "Economic security is national security."
AdvertisementA need for CLARITY
Bessent warned that the broader regulatory environment remains disastrously unclear despite the passage of the stablecoin-focused GENIUS Act.
You Might Also Like
Wed, 02/04/2026 - 16:47
Bessent Rules Out Bitcoin Bailout
ByAlex Dovbnya
Bessent has argued that the Clarity Act is the "necessary next step" to fully realize the promise of the Genius Act.
AdvertisementCongress would be able to finally determine when a digital asset is a security (or not). It would also create a workable registration pathway for trading platforms. Moreover, investors would be able to benefit from the implementation of vital safeguards.
The current state of the Clarity Act
The Clarity Act appears to be hurdling toward the finish line with massive bipartisan momentum.
Representative French Hill recently described the legislation as "unstoppable," noting that key Democratic leaders have locked in their support. Lawmakers are currently racing to push the bill through either during the lame-duck session or early next year.
Traditional financial institutions previously expressed fears that allowing crypto platforms to offer competitive yields on stablecoins would trigger massive "deposit flight" away from traditional bank lending. However, a newly released report by the Council of Economic Advisers (CEA) has put those fears to rest. The CEA concluded that prohibiting stablecoin yields "would do very little to protect bank lending, while forgoing the consumer benefits of competitive returns."
As reported by U.Today, Coinbase Chief Legal Officer Paul Grewal recently expressed optimism during a Fox Business appearance, stating the parties are now "very close to a deal."
#Scott Bessent Advertisement