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FollowingU.S. Treasury Secretary Bessent warns the Senate that shelving the digital asset regulation bill will send a "disturbing signal"
On September 9, U.S. Treasury Secretary Scott Bessent issued a stern warning urging the Senate to advance the legislative process of the CLARITY Act. He pointed out that if the bill fails to pass, it will send a "disturbing signal" to U.S. allies and opponents that "the United States is unwilling to play a leadership role in the future development of digital assets and intends to abandon enhanced national security tools to combat its abuse."
The Digital Asset Market Clarity Act is the most comprehensive crypto asset regulatory legislation in the United States to date. The bill aims to clearly distinguish the areas of responsibility of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to establish a clear regulatory framework.
However, the bill is currently deadlocked. The main obstacle comes from the opposition of many large banks to the stablecoin reward mechanism, which are worried that stablecoin companies will rob their customer resources. In addition, Democratic lawmakers are trying to include an ethics clause that prohibits senior federal officials, including the president and vice president, from using their positions to seek personal gain from digital assets.
The Senate is scheduled to hold a procedural vote on the bill on September 15. Democrats and some Republican lawmakers expressed concern that the bill lacked sufficient security measures and could undermine the stability of the banking system.
Call for resumption of negotiations
In July this year, Bessant called on the Senate to accelerate the advancement of the CLARITY Act, which aims to establish a comprehensive regulatory framework for digital assets and improve the ability to prevent undesirable elements from exploiting these key technologies. He posted on social media platform X: "When the Senate returns to Washington from its August recess, I..."
In the latest post, Besent said he asked the Senate to return to the negotiating table after the recess and continue the legislative process. He once again warned that otherwise, it would send a negative signal to the world's largest economy being unwilling to lead the cryptocurrency race and ignore the abuse of digital assets.
