Treasury Secretary Scott Bessent is pushing lawmakers to pass the CLARITY Act when the Senate returns from its August recess next week, warning that failure would send a “troubling signal” about America’s leadership in the digital asset industry.
In a Wednesday post on X, Bessent wrote: “I strongly urge everyone to remain at the negotiating table, agree to the motion to proceed, and continue the legislative process.” His remarks come as Galaxy has cut its odds on the bill’s passage in 2026 to 10%.
The Senate is scheduled to return next Monday, according to its legislative calendar. The Digital Asset Market Clarity (CLARITY) Act would create the first comprehensive regulatory framework for digital assets in the US.
Bessent’s warning
Bessent warned that failing to pass the bill would send a “troubling signal” about America’s leadership in the digital asset industry. He did not specify what that signal would mean for markets or for the broader crypto industry, but his language was direct.
The push comes a week after the National Sheriffs’ Association dropped its opposition to the bill. On Sept. 3, the group changed its position to “neutral,” removing a notable source of resistance from the law enforcement community.
The bill’s path
The CLARITY Act cleared the Senate Banking Committee in May. But most Democrats and the banking industry have pushed back, arguing that the bill would let crypto firms offer yields on stablecoins without facing the same requirements as banks.
That opposition has made the path to passage uncertain. The bill needs a motion to proceed in the Senate before it can be debated on the floor.
Bessent’s appeal to “remain at the negotiating table” suggests talks are still ongoing. It is not clear whether a deal has been reached with any of the bill’s critics.
Falling odds
Galaxy has reduced its odds on the CLARITY Act passing in 2026 several times over recent months. The firm now puts the chance at 10%, down from 75% set on May 22.
The odds have dropped sharply since May. Galaxy has not given a reason for the reductions.
What the bill does
The CLARITY Act aims to give digital asset firms a clear set of federal rules. It would establish the first comprehensive regulatory framework for digital assets in the US.
Critics argue the bill goes too far. The banking industry has warned that allowing crypto firms to offer yields on stablecoins without bank-style requirements would create an uneven playing field.
Democrats have echoed those concerns. The opposition from both groups has been consistent since the bill cleared committee.
What happens next
The Senate returns Monday. Bessent’s post suggests he sees the coming week as a window of opportunity.
Whether the motion to proceed gets the votes it needs is unknown. The bill’s supporters have not publicly stated their vote count.
At 10%, Galaxy’s odds imply the bill fails more often than it passes.
Bessent is not giving up. His public appeal is a sign that he still wants this done.
The coming week will show whether lawmakers agree.
Key dates
| Date | Event |
|---|---|
| May 22 | Galaxy sets CLARITY Act passage odds at 75% |
| May | CLARITY Act clears Senate Banking Committee |
| Sept. 3 | National Sheriffs’ Association shifts position to “neutral” |
| Next Monday | Senate returns from August recess |
| 2026 | Target year for CLARITY Act passage per Galaxy’s odds |
Key points to watch
- Whether the motion to proceed is filed when the Senate returns Monday.
- Whether the National Sheriffs’ Association’s shift to “neutral” changes any votes.
- Whether Bessent makes additional public appeals before the vote.
The vote is a test of whether Bessent can convert public pressure into Senate action. He has made his position clear. The Senate will answer next week.
Source: cointelegraph.com
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