US Treasury Secretary urges Senate to vote immediately on Clarity Act and cites Satoshi Nakamoto

In comparison, US Treasury Secretary Scott Bessent urged the Senate to pass the Clarity Act on Thursday, saying that the House of Representatives passed the bill more than a year ago, and Senate Banking and Agriculture Committee staff have been negotiating the bipartisan revisions for thousands of hours since then. Bessent said the bill would strengthen consumer protection and anti-money laundering requirements and provide regulatory certainty for digital assets. He also said that the Blockchain Regulatory Compliance Act provisions in the Clarity Act will protect decentralized software developers and make it clear that they are not subject to the Bank Secrecy Act registration requirements.

Bessent criticized Senate Democrats for postponing the vote due to political reasons and said the relevant vote would determine whether the US continues to maintain its global leadership in digital assets. At the end of his post, he quoted Bitcoin creator Satoshi Nakamoto as saying, “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 US digital asset market and divides digital asset supervision responsibilities between the SEC and CFTC, which generally falls under the jurisdiction of the CFTC. Senate Majority Leader John Thune recently said the bill is not expected to be passed by the Senate before the August recess.