American Treasury Secretary Scott Bessent encouraged members of Congress to approve the Digital Asset Market Clarity (CLARITY) Act as the Senate reconvenes next week following its August break.
In a message shared on X on Wednesday, Bessent stated, “I strongly urge everyone to remain at the negotiating table, agree to the motion to proceed, and continue the legislative process,” adding a caution that letting the legislation fail would transmit a “troubling signal” regarding the United States’ dominance in the cryptocurrency sector.
Based on the Senate calendar, the legislative body is set to come back from its August recess on the coming Monday. The CLARITY Act aims to put in place the inaugural overarching regulatory system for digital currencies within the United States.
These comments arrive seven days after the National Sheriffs’ Association withdrew its resistance to the cryptocurrency market structure legislation on September 3, shifting its stance on the proposal to a neutral position.
Meanwhile, Galaxy has downgraded its probability estimates for the CLARITY Act becoming law in 2026 on multiple occasions over the past few weeks. Currently sitting at 10%, this figure represents a drop from the 75% probability established back on May 22.
Even though the CLARITY Act successfully passed through the Senate Banking Committee during May, a majority of Democrats alongside the traditional banking sector resisted the measure, claiming it would permit digital asset companies to provide stablecoin yields exempt from the strict regulations imposed on commercial banks.
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Originally published at https://cointelegraph.com/news/treasury-secretary-bessent-urges-clarity-act-passage-senate-returns?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound.
