US Treasury Secretary Urges Congress to Pass CLARITY Act for Clear Crypto Regulation

Treasury Secretary Scott Bessent has called for the passage of the CLARITY Act, a bill aimed at providing a clear regulatory framework for crypto assets in the US.

In remarks at the White House, Bessent emphasized the importance of bringing digital assets onshore, stating that it would reduce risks associated with offshore activities. He described the current environment as 'the wild, wild west' and urged lawmakers to pass the bill, saying 'get CLARITY Act done.'

The CLARITY Act has already cleared several committee steps, including the Senate Banking Committee's approval of its portion earlier this month. However, it still needs to clear a full Senate vote, complete legislative reconciliation, and secure agreement between the House and Senate before reaching the President's desk.