US Treasury Secretary Scott Bessent has urged senators to vote immediately on the CLARITY Act, increasing pressure on lawmakers to test support for the crypto market structure bill before the August recess. Bessent called on Senate leaders to bring the CLARITY Act to a vote before lawmakers leave Washington next week. The bill has been in progress for over a year, with thousands of hours of bipartisan negotiations taking place at the staff and Member levels.
Key Provisions
The Treasury secretary framed the bill as a choice between supporting US leadership in digital assets and allowing other countries to move ahead with clearer regulations. Two provisions remain central to the negotiations: restrictions involving elected officials’ crypto interests and the Blockchain Regulatory Certainty Act, or BRCA.
Negotiations and Support
Some Democrats have objected to language that gives the Department of Justice sole authority to enforce the ethics provisions. Republican Sen. Thom Tillis is expected to send a bipartisan ethics proposal to the White House, which could remove one obstacle and help Senate leaders attract the Democratic votes needed to advance the bill. The National Fraternal Order of Police and the Major Cities Chiefs Association have backed the revised legislation.
Market Reaction
Traders remain skeptical that the CLARITY Act will become law this year, with Polymarket pricing the probability at about 30% on July 30. Bitcoin traded near $64,767, with a muted response indicating that traders are not yet treating Bessent’s demand as evidence that passage is secured.
