US Treasury Secretary Urges Senate to Immediately Vote on the Clarity Act, Citing Satoshi Nakamoto

Odaily Planet Daily News US Treasury Secretary Scott Bessent on Thursday urged the Senate to pass the Clarity Act, stating that the House of Representatives passed the bill more than a year ago, and that staff from the Senate Banking and Agriculture committees have since conducted thousands of hours of negotiations on bipartisan amendments.

Bessent stated that the bill will enhance consumer protection and anti-money laundering requirements, while providing regulatory certainty for digital assets. He also noted that the Blockchain Regulatory Certainty Act provision within the Clarity Act would 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, and stated that the upcoming vote will determine whether the United States maintains its global leadership position in digital assets. He concluded his post by quoting Bitcoin creator Satoshi Nakamoto: "If you don't believe me or don't get it, 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, dividing regulatory responsibilities for digital assets between the SEC and the CFTC, with most crypto assets typically falling under the CFTC's jurisdiction. Senate Majority Leader John Thune recently stated that the bill is not expected to pass the Senate before the August recess.