US Treasury Secretary Scott Bessent urged lawmakers to pass the Digital Asset Market Clarity (CLARITY) Act when the Senate returns from its August recess next week.
“I strongly urge everyone to remain at the negotiating table, agree to the motion to proceed, and continue the legislative process,” wrote Bessent in a Wednesday X post, warning that failing to pass the bill would send a “troubling signal” about Americas leadership in the digital asset industry.
The Senate is scheduled to return from its August recess next Monday, according to its legislative schedule. The CLARITY Act seeks to establish the first comprehensive regulatory framework for digital assets in the US.
The remarks come a week after the National Sheriffs Association dropped its opposition to the crypto market structure bill on Sept. 3, changing its position on the bill to “neutral.”
Galaxy has reduced its odds on the CLARITY Act‘s passing in 2026 several times over recent months. Now at 10%, that’s down from 75% set on May 22.
While the CLARITY Act cleared the Senate Banking Committee in May, most Democrats and the banking industry pushed back, arguing that it would allow crypto firms to offer yields on stablecoins without facing the same requirements as banks.