Clarity Act Update: Treasury Secretary Bessent urges lawmakers to pass the Bill
The CLARITY Act, which now appears increasingly likely to fail, has received a fresh push from one of its key supporters. U.S. Treasury Secretary Scott Bessent is urging lawmakers to move forward with the bill as a key Senate vote approaches.The push comes just days before the September 15 cloture vote.Bessent Pushes Senate to Move CLARITY ForwardIn a recent tweet, U.S. Treasury Secretary Scott Bessent called on senators to stay at the negotiating table and reach an agreement when lawmakers return from the August recess.Bessent said, “In July, I called on the Senate to advance the Clarity Act,” arguing that the bill would create a clear regulatory framework for digital assets while giving the government better tools to stop their misuse.He warned that failing to move the bill forward would send “a troubling signal to our allies and adversaries alike” that the U.S. is unwilling to lead in digital assets.In July, I called on the Senate to advance the Clarity Act — a bill to establish a comprehensive regulatory framework for digital assets and upgrade our ability to prevent bad actors from exploiting these critical technologies.When the Senate returns from August recess, I…Ethics Dispute Still Stands in the WayThe biggest hurdle remains negotiations over ethics rules and restrictions involving government officials and digital assets.Democratic lawmakers have pushed for stronger conflict-of-interest rules and financial disclosure requirements before backing the bill. That has sharply reduced expectations for passage.Therefore, Galaxy has reportedly cut its estimate for the bill becoming law in 2026 to 9%, down from 75% earlier this year.Despite doubts over a U.S. crypto bill passing Congress in 2026, Coinbase CEO Brian Armstrong says clearer rules are coming “with or without Senate approval.”Coinbase CEO Sees Crypto Rules Coming SoonSpeaking to CNBC, Armstrong said Congress is “very close to a solution” and that the SEC and CFTC are also prepared to move forward with their own rules if lawmakers fail to act.🚨JUST IN: Coinbase CEO Brian Armstrong says crypto wins no matter how the CLARITY Act vote turns out.“If it passes, we get legislation,”“If it doesn’t pass, the SEC and CFTC are ready to issue rules.”Armstrong said the Sept. 15 Senate vote will bring regulatory clarity… He added that clearer regulations could help unlock more institutional investment, making the development bullish for Bitcoin.A successful September 15 vote would not pass the CLARITY Act. It would only allow the Senate to formally take up the bill, followed by debate, amendments, and another vote.