Treasury Secretary Backs Clarity Act, Wants US to Lead in Crypto.

Treasury Secretary Scott Bessent Urges Passage of CLARITY Act

On Thursday, Treasury Secretary Scott Bessent urged Congress to pass the CLARITY Act, a bill designed to provide the cryptocurrency industry with a regulatory framework and clarity regarding the classification of digital assets.

Bringing Digital Assets Onshore

Speaking at the White House, Bessent emphasized that the CLARITY Act’s primary goal should be to encourage digital asset activity within the United States, rather than allowing it to remain largely offshore. “The most important thing we can do is to make digital assets come into the United States. Make the US the home. I would encourage the House and the Senate to get Clarity done,” he stated.

Bessent also criticized the unregulated environment for digital assets outside the U.S., describing it as the “wild, wild west.” He argued that much of the confusion and controversy surrounding crypto stems from a lack of clear rules when activity occurs offshore. “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 onshore,” he said, reiterating his call for lawmakers to pass the CLARITY Act.

Progress in the Senate

The push for the CLARITY Act follows its advancement in the Senate earlier this month. The Senate Banking Committee approved its portion of the legislation, building on progress from January when the Agriculture Committee successfully voted on its version.

With committee steps completed, the CLARITY Act now requires a full Senate vote, completion of legislative reconciliation steps, and a final agreement between the House and the Senate before it can be sent to the President.

CBDCs Off the Table

Bessent also addressed the administration’s broader crypto policy, including central bank digital currencies (CBDCs). He confirmed that the U.S. would not adopt a Central Bank Digital Currency, stating, “There will be no Central Bank Digital Currency. That would be the first step toward tracking. We took that off the table.”