Treasury Secretary Bessent Urges Congress to Pass CLARITY Act
Treasury Secretary Scott Bessent told Congress on Thursday to pass the CLARITY Act, arguing the US should become the home for digital asset activity rather than leaving it offshore. Bessent characterized the current unregulated environment abroad as the source of most industry scandals and confusion.
Key Takeaways
- 1## Bessent's Push for Regulatory Clarity Treasury Secretary Scott Bessent urged Congress to pass the CLARITY Act at White House remarks Thursday, framing the bill as essential to bringing digital asset regulation into the United States.
- 2Bessent said the legislation would provide the long-awaited regulatory framework and classification guidelines the crypto industry needs, and that passage would allow the US to become the primary hub for digital asset activity rather than ceding ground to offshore markets.
- 3"The most important thing we can do is to make digital assets come into the United States," Bessent said.
- 4He added: "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.
- 5So we got to bring it onshore.
Bessent's Push for Regulatory Clarity
Treasury Secretary Scott Bessent urged Congress to pass the CLARITY Act at White House remarks Thursday, framing the bill as essential to bringing digital asset regulation into the United States. Bessent said the legislation would provide the long-awaited regulatory framework and classification guidelines the crypto industry needs, and that passage would allow the US to become the primary hub for digital asset activity rather than ceding ground to offshore markets.
"The most important thing we can do is to make digital assets come into the United States," Bessent said. He added: "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."
Status in Congress
Bessent's comments follow momentum in the legislative process. The Senate Banking Committee approved its portion of the CLARITY Act earlier this month, building on earlier progress from January when the Senate Agriculture Committee voted to advance the bill. The legislation aims to establish clear rules for classifying digital assets across federal agencies, reducing regulatory ambiguity that has characterized the sector for years.
Why It Matters
For Traders
Passage of CLARITY Act could reduce regulatory risk premium on US-listed tokens and offshore assets migrating onshore, shifting relative valuations.
For Investors
Clear asset classification rules would lower compliance costs and legal uncertainty for institutional entry, potentially accelerating institutional adoption timelines.
For Builders
Formalized federal classification of digital assets would establish stable rules for protocol tokenomics, governance structures, and product design within US jurisdiction.
