On Thursday, Treasury Secretary Scott Bessent urged Congress to pass the
CLARITY Act, a bill that would provide the crypto industry with a regulatory
framework and the long-awaited clarity it needs regarding the classification
of digital assets. Bessent Presses Lawmakers To Pass The CLARITY Act In
remarks at the White House, Bessent emphasized that the goal of the CLARITY
Act should be to bring digital assets into the US rather than letting activity
remain largely offshore. He said: 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. Related Reading:
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By 2030 Bessent’s comments also targeted what he called the “wild, wild west”
environment for digital assets outside the US. He argued that much of the
confusion and controversy surrounding crypto stems from a lack of clear rules
when the activity is happening 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, before
urging lawmakers again to “get CLARITY Act done.” CBDCs Off The Table The push
comes after the CLARITY Act moved forward 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 those committee steps completed, the CLARITY Act must clear
a full Senate vote, complete the legislative reconciliation steps required to
finalize the bill, and secure a final agreement between the House and the
Senate before the measure can move to the President’s desk. Related Reading:
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Next Bessent also addressed the administration’s broader crypto policy
direction, including central bank digital currencies (CBDCs). He said the US
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.” Featured image created with OpenArt; chart from
TradingView.com

Treasury Secretary Urges CLARITY Act Passage, Saying The US Should Be Home For Crypto

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