High-profile figures in the Trump administration are calling on Congress to swiftly pass a regulatory bill designed to define the rules of the road for crypto assets.
Treasury Secretary Scott Bessent spearheads the call, saying that there should be no further delay in passing the Clarity Act.
“Congress has spent the better part of half a decade trying to pass a framework to onshore the future of finance.
It is time for the US Senate Banking Committee to hold a markup and send the CLARITY Act to President Trump’s desk.
Senate time is precious, and now is the time to act.”
Wyoming Senator Cynthia Lummis supports Bessent’s message.
“Digital assets are here to stay.
It’s on us to get this right for America’s future.
Pass the Clarity Act.”
Former AI and Crypto Czar David Sacks echoes the call to pass the Clarity Act.
“The GENIUS Act, signed by President Trump last year, established U.S. leadership on stablecoins.
The CLARITY Act, also known as market structure legislation, would do the same for all other digital assets by providing clear rules of the road.
Secretary Bessent is right: the time to act is now. Senate Banking, and then the full Senate, should pass the market structure.
I’m confident that they will. And then President Trump will sign this landmark bill into law.”
Securities and Exchange Commission Chair Paul Atkins says the SEC and the Commodity Futures Trading Commission (CFTC) are ready to implement the Clarity Act.
“Scott Bessent is right. It’s time for Congress to future-proof against rogue regulators & advance comprehensive market structure legislation to President Trump’s desk.”
If passed into law, the Clarity Act would regulate most crypto activities in the US, including the initial sale of tokens, better known in the digital asset space as initial coin offerings (ICOs).
But the Banking Committee has postponed a markup twice as the bill faces resistance from the banking industry over stablecoin yields. Bank lobbyists argue that rewards earned for holding stablecoins would be tantamount to interest payments, and smaller lenders will likely have to compete for consumer deposits.
Proponents of the bill expect the Clarity Act to pass this month. Otherwise, the crypto regulatory bill could face significant delays in the coming years.
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