U.S. Treasury Secretary Scott Bessent on Thursday urged the Senate to pass the Clarity Act, accusing Democrats of delaying a vote for political reasons and warning the U.S. risks losing its leadership in digital assets without clear rules.
“It’s disappointing— but not surprising—that Senate Democrats are choosing politics on the cusp of a major victory for American leadership,” Bessent wrote. “Find another instance in history where Congress, when given the choice, opted to push an industry out of the United States rather than smartly regulate it. American Exceptionalism was once a bipartisan goal; if Clarity fails, I have serious doubts.”
Bessent rejected criticism that the legislation lacks consumer protections or safeguards against illicit finance, arguing Titles II and III would significantly expand compliance requirements for digital asset intermediaries and bring them closer to the standards applied to traditional financial institutions.
He also defended the Blockchain Regulatory Certainty Act, a provision within the Clarity Act aimed at protecting decentralized software developers, saying it codifies longstanding Treasury Department policy that these developers are not subject to Bank Secrecy Act registration requirements. Bessent added that the Fraternal Order of Police, which previously opposed the measure, now supports it.
The Treasury secretary also accused Senate Democrats of fearing backlash from Sen. Elizabeth Warren and her self-described "anti-crypto army," arguing the upcoming vote will determine whether the U.S. remains a global leader in digital assets or pushes the industry overseas through regulatory uncertainty.
“America will lead or America won’t. It’s not more complicated than that,” Bessent wrote. “I believe Satoshi once said it best: ‘If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry.’”
