Treasury Secretary Scott Bessent has urged Congress to pass the Digital Asset Market Clarity Act.
According to Bessent, the United States needs to become the global hub for the cryptocurrency industry. "The most important thing we can do is to make digital assets come into the United States. Make the U.S. the home," he stated today.
An outpouring of support
Multiple high-profile regulators and politicians are calling for the immediate passage of the much-talked-about bill.
SEC Chairman Paul Atkins recently made it clear that the era where the agency was at odds with new technology is over. He noted that the current administration is focused on delivering "much-needed clarity" to digital asset markets. Entrepreneurs will no longer be pushed offshore.
Senator Cynthia Lummis has also brought up consumer protection to advocate for the bill.
Without the Clarity Act, customers of bankrupt digital asset exchanges have no guaranteed right to their own assets.
Instead, they are forced to join a creditor line alongside Wall Street firms and expensive lawyers. "They join a creditor line w/ other Wall Street firms and expensive lawyers and hope for the best. This is a consumer protection failure Congress must fix," she said.
Other political figures and commentators, such as Patrick Witt, have joined the chorus of voices advocating for greenlighting the bill.
The current state of the Clarity Act
The bill the U.S. House of Representatives with strong bipartisan support in July 2025. However, it has since stalled in the Senate due to a variety of factors.
Recently, it took a major step forward, with the Senate Banking Committee finally marking up and passing its version of the CLARITY Act in a 15-9 vote.
With that being said, it is still unclear whether the bill will actually pass. Polymarket bettors give the Clarity Act only a 56% chance of actually being signed into law (at the time of writing this article).
A reconciled version will still require full floor votes. Congress has limited time and political capital left to pass it before the midterms.
Dan Burgin
