Treasury Secretary Scott Bessent called on Congress on Thursday to pass the Clarity Act, emphasizing its importance for the future of digital assets in the U.S.
Bill Has ‘Bipartisan Support’
During a White House briefing, Bessent stated that the key piece of cryptocurrency legislation has “bipartisan support” and encouraged the House and the Senate to move forward with its passage.”
“When you look at digital assets, all the nonsense that happens, all the things you read about, that’s because it’s the wild, wild west offshore. So we got to bring it on shore,” Bessent said.
Bessent Says No To CBDC’s
Bessent said that the Trump administration does not support a central bank digital currency, and the idea has been taken “off the table.”
The remark came in response to a question about safeguarding “privacy” and “freedom” in the new digital payment framework.
SEC Chair Paul Atkins also said the era when the agency “was at odds with new technology and innovation,” driving entrepreneurs overseas, is over.
The GOP members of the House Committee on Financial Services also stressed the importance of keeping activities onshore, asserting that the Clarity Act will preserve American jobs and domestic investment.
Read Also: Crypto Meets Safe Havens: Direxion Launches 2X Bitcoin, Ether, Gold ETFs
How Far Away Is Clarity?
These remarks followed President Donald Trump‘s pledge to create a “future-proof” regulatory framework for cryptocurrencies. He has also claimed credit for transforming the U.S. into the “cryptocurrency capital of the world.”
The CLARITY Act—a proposed legislation designed to establish a regulatory framework for cryptocurrencies—cleared the Senate Banking Committee earlier this month. Some Democratic Senators broke ranks to vote in favor alongside all Republican members.
The bill now heads to the Senate floor, where negotiators will work to merge the legislation with the Senate Agriculture Committee’s version. Once the Senate passes the bill, Congress will need to reconcile it with the House version before forwarding it to Trump’s desk
However, Ruben Gallego (D-Ariz.) and Angela Alsobrooks (D-Md.)—the two Democrats who voted in support—said their final votes are not guaranteed and remain contingent on addressing the remaining issues.
Sen. Elizabeth Warren (D-Mass.), Ranking Member of the committee, remains one of the loudest critics of the legislation, citing its failure to tackle conflicts of interest arising from Trump and his family’s involvement in cryptocurrency ventures.
