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first_img U.S. Treasury Secretary Janet Yellen strongly urged the Senate to pass the Clarity Act

U.S. Treasury Secretary Scott Bessent posted on the X platform, strongly urging the Senate to advance the legislative process of the cryptocurrency Clarity Act after the August recess. He stated that the bill would prevent "bad actors" from exploiting important digital asset technologies and called on all parties to stay at the negotiating table, agree to procedural motions, and continue the legislative process.Bessent warned that failing to pass the bill would send a troubling signal to allies and adversaries, indicating that the U.S. is unwilling to lead the future of digital assets and is willing to forgo national security tools to combat the abuse of digital assets. In July of this year, Bessent stated that if one wants to stand on the side of "American exceptionalism," the Clarity Act must be passed, citing remarks from Satoshi Nakamoto.The Clarity Act was passed by the House last year and aims to establish a regulatory framework that clearly delineates the regulatory classification of digital assets as securities, commodities, or stablecoins. The bill has stalled this year due to disagreements between banking lobbyists and cryptocurrency companies over stablecoin revenue issues. A new draft in July prohibits government officials from promoting cryptocurrencies or profiting from them, but some Democrats still believe the bill is inadequate and demand amendments. President Trump also urged lawmakers to push the bill through.

first_img Block applies to establish the National Trust Bank, Builders Bank, to custody Bitcoin and stablecoins

Jack Dorsey's payment company Block has applied to establish Builders Bank & Trust, N.A. If approved, the bank will become an uninsured national trust bank directly regulated by the Office of the Comptroller of the Currency (OCC), focusing on providing custody and trust services for Bitcoin and stablecoins, without accepting deposits or issuing loans.The application is still pending OCC approval, and the OCC's public list of digital asset license applications currently includes 11 pending applications (submitted between February 23 and August 19), which does not yet include Builders Bank. Previously, the OCC conditionally approved five national trust applications in December 2025, including Circle's First National Digital Currency Bank and Ripple, as well as conversion applications from BitGo, Fidelity Digital Assets, and Paxos; Circle received final approval in July of this year.The Bank Policy Institute (BPI), representing large banks, had previously opposed a series of limited-purpose national trust license applications, arguing that companies should not obtain trust licenses unless they plan to operate a true trust company, and warned against using the license as a lightly regulated pathway for bank-like products. Block stated that Builders Bank will not begin operations until it receives the necessary regulatory approvals.
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