The U.S. Treasury Secretary urges the Senate to vote on the Clarity Act immediately and cites Satoshi Nakamoto

U.S. Treasury Secretary Scott Bessent urged the Senate on Thursday to pass the Clarity Act, stating that the House of Representatives passed the bill over a year ago, and staff from the Senate Banking and Agriculture Committees have since engaged in thousands of hours of bipartisan negotiations on the revisions. Bessent stated that the bill will strengthen consumer protections and anti-money laundering requirements, and provide regulatory certainty for digital assets. He also mentioned that the Blockchain Regulatory Certainty Act provisions in the Clarity Act will protect decentralized software developers, clarifying that they are not subject to the registration requirements of the Bank Secrecy Act.

Bessent criticized Senate Democrats for delaying the vote for political reasons, stating that the relevant vote will determine whether the U.S. continues to maintain its global leadership in digital assets. At the end of his post, he quoted Bitcoin creator Satoshi Nakamoto: "If you don't believe me or don't understand, I don't have time to try to convince you, sorry." The Clarity Act aims to establish a federal framework for the U.S. digital asset market and allocate regulatory responsibilities for digital assets to the SEC and CFTC, with most crypto assets typically falling under CFTC jurisdiction. Senate Majority Leader John Thune recently stated that the bill is not expected to pass the Senate before the August recess.