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.