Crypto: Bessent Urges the Senate to Revive the CLARITY Act

Scott Bessent puts the CLARITY Act back at the center of the American crypto agenda. The Treasury Secretary asks senators to stay at the negotiating table and advance the bill as soon as they return to Washington. The Senate resumes its work on September 14, with a procedural step expected on the 15th. The bill aims to create the first comprehensive federal framework for the structure of the crypto market in the United States.

Crypto: Bessent wants to get the CLARITY Act moving again

Scott Bessent chose the moment of the parliamentary return. In a message published Wednesday, the Treasury Secretary calls on legislators to accept the motion to open the next stage of the debate and to continue the legislative process. A failure would send, according to him, a “troubling signal” about the United States’ ability to maintain its position in digital assets.

The bill is arriving in the Senate after months of negotiations. We had already detailed the drop in chances of the CLARITY Act being adopted, as the schedule tightened before September.

The bill did not start from scratch. On May 14, the Senate Banking Committee approved it by 15 votes to 9. Two Democrats had joined Republicans to advance the bill. The committee then sent it to the entire Senate.

This stage does not mean that the CLARITY Act is adopted. The vote expected on September 15 is first intended to allow the Senate to officially continue the review. Amendments will then need to be resolved, the necessary votes obtained, and the legislative process completed. Bessent therefore calls for acceleration. Not yet a signature.

Stablecoins and conflicts of interest still block negotiations

The CLARITY Act must notably specify which digital assets fall under the SEC, which fall more under the CFTC, and what rules crypto intermediaries must apply.

On paper, the principle enjoys fairly broad support. The details pose more problems. American banks notably oppose certain forms of rewards linked to stablecoins. They fear that crypto platforms could offer yields close to those of bank deposits without bearing the same regulatory constraints. Reuters reports that banks and the digital assets industry have intensified their lobbying of senators during the summer break.

Democrats also demand more guarantees on anti-money laundering and political conflicts of interest. These disagreements were already present in May when the two Democrats who supported the bill in committee had warned that their final vote was not guaranteed.

One obstacle has nevertheless recently disappeared. On September 3, the National Sheriffs’ Association withdrew its opposition and adopted a neutral position. We had noted this change ten days before the September 15 vote.

This does not resolve the banking file nor the Democrats’ demands. The probabilities published by Galaxy also remain low: about a 10% chance of adoption in 2026, versus 75% on May 22. This figure remains an estimate, not a measure of the actual number of senators ready to vote for the bill.

September 15 will be a step, not the final adoption

The CLARITY Act matters a lot to the industry because it seeks to replace part of American regulatory uncertainty with common federal rules. The banking committee states that the bill must notably frame digital asset markets, strengthen certain consumer protections, and specify the regulatory treatment of different tokens. These goals come from the bill brought to the Senate; they do not prejudge its effects once applied.

The political stake has also become more visible. Donald Trump supports the project. Crypto groups have multiplied campaigns with senators during the summer. Reuters reports that the sector considers the current window important before the midterm elections and a possible change in the political balance in Washington.

Bessent had already displayed his ambitions in June. At the time, he still hoped for progress before the end of summer. Cointribune then explained why the Treasury Secretary was already pushing the CLARITY Act. Three months later, the bill is still there. September 15 will not yet say whether the United States has a new crypto law. It will first say whether enough senators agree to continue discussing it. For Bessent, this is now the first battle to win.