U.S. Secretary Urges Quick Progress on Crypto Bill in Senate

U.S. Treasury Secretary Scott Bessent is urging the Senate to quickly advance the CLARITY Act, an important cryptocurrency bill. He warns that the United States could lose its edge in digital assets if the legislation stalls again. A crucial vote is scheduled for September 15, requiring at least 60 out of 100 votes to move the bill forward. The bill, which faced delays last month due to the Senate's summer recess, aims to clarify which regulator is responsible for different parts of the cryptocurrency market, focusing on the SEC and the CFTC. The SEC oversees securities, while the CFTC is set to take on more responsibilities for cryptocurrencies as digital commodities. Rules will also be introduced for cryptocurrency exchanges and companies managing crypto for clients. The House of Representatives approved the bill in July 2025 with 294 votes in favor and 134 against. The Senate Banking Committee voted 15 to 9 in May for further consideration. The vote on September 15 is a crucial step, but not the final approval. There is ongoing discussion about rules regarding money laundering, stablecoins, and the cryptocurrency interests of U.S. politicians. The CFTC is working on an alternative plan in case the bill stalls.

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