Bessent urges Senate to pass Clarity Act, quotes Satoshi

Treasury Secretary Scott Bessent on Thursday urged the Senate to immediately vote on the Clarity Act, accusing Senate Democrats of delaying the bill for political reasons and warning that regulatory uncertainty could push digital-asset markets overseas. He closed his public appeal by quoting Bitcoin’s creator, Satoshi Nakamoto.

In a lengthy post on X, Bessent said the House approved the Clarity Act more than a year ago and that staff for the Senate Banking and Agriculture Committees have logged “thousands of hours” negotiating bipartisan revisions. He wrote that Republicans have a floor-ready bill and argued continued delay risks moving crypto markets and jobs out of the United States.

Bessent described the measure as strengthening consumer protections and anti-money-laundering rules while providing regulatory certainty for U.S. digital-asset markets. He wrote that Titles II and III would expand compliance requirements for digital-asset intermediaries, bringing those firms closer to the standards applied to traditional financial institutions.

He defended the Blockchain Regulatory Certainty Act, a provision inside the Clarity Act that would codify Treasury policy shielding developers of decentralized software from Bank Secrecy Act registration requirements. Bessent noted that organizations which previously opposed the measure, including the Fraternal Order of Police, have shifted to supporting it.

Bessent accused some Senate Democrats of resisting the bill because of pressure from Sen. Elizabeth Warren and what he called her “anti-crypto army,” and he framed the upcoming vote as a test of U.S. leadership in digital assets. He closed his post with two lines attributed to Satoshi Nakamoto: “America will lead or America won’t. It’s not more complicated than that,” and “If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry.”

The Clarity Act would establish a federal framework for digital-asset markets by assigning most tokens to Commodity Futures Trading Commission jurisdiction while giving the Securities and Exchange Commission authority over certain other assets. The bill has been a top priority for the crypto industry as firms seek clearer, uniform rules.

In May, Senate Republicans circulated an updated draft that added ethics provisions barring the president and other federal officials from issuing or sponsoring digital assets while in office. That language was widely viewed as targeting former President Donald Trump; public disclosures show he generated more than $1.2 billion from crypto-related ventures in 2025. Democrats have criticized the ethics language and other elements of the draft, noting the restrictions would expire in 2029, enforcement would largely rest with the Justice Department, and the text does not extend the ban to officials’ children.

Senate Majority Leader John Thune told reporters he does not expect the bill to clear the chamber before the August recess, citing unresolved negotiations over the ethics provisions and a shrinking legislative calendar. The August recess has been treated as a deadline for action this year, since Congress typically shifts focus toward campaign activity and the midterm elections.