U.S. Treasury Secretary Scott Bessent has urgently called on Congress to pass the Digital Asset Market Clarity Act, warning that the lack of clear federal rules is driving cryptocurrency innovation abroad. The legislative push gains support from key industry and political figures, even as prediction market odds for the bill’s passage by year-end have recently declined to 57%.
U.S. Treasury Secretary Scott Bessent is pressing Congress to pass the CLARITY Act, arguing clear rules are needed for the digital asset market. He stated, “Congress must pass the Clarity Act. Senate floor time is scarce, and now is the time to act.”
Secretary Bessent compared the U.S. regulatory environment unfavorably to jurisdictions like Abu Dhabi and Singapore. He claimed “The benefits of domiciling in the U.S. rarely outweighed the risks” for crypto firms, as reported.
Senator Cynthia Lummis echoed this sentiment, noting bipartisan progress exists for the legislation. She believes the act would serve as a safe harbor for developers and validators.
Market sentiment, tracked on prediction platform Polymarket, shows odds for the bill’s passage by 2026 currently stand at 57%. These odds have fallen 9% from a recent high, indicating increased uncertainty.
Coinbase Chief Policy Officer Faryar Shirzad recently reiterated the need for the legislation. This followed a period where the exchange had stepped back from a proposed compromise on the bill.
A White House economic report added that allowing stablecoins to offer yield does not pose a major threat to banks. The ultimate fate of the CLARITY Act this year remains undetermined amid legislative considerations.
