Treasury Secretary Scott Bessent has urged Congress to pass the Digital Asset Market Clarity Act, the major cryptocurrency bill that has been a hot-button issue for the crypto industry for years.
According to Bessent, the United States needs to become the global crypto hub, and he views the passage of the bill as the key prerequisite for achieving this. "The most important thing we can do is to make digital assets come into the United States. Make the U.S. the home," he stated today.
An outpouring of support
Multiple high-profile regulators and politicians are tirelessly calling for the eventual passage of the much-talked-about bill.
SEC Chairman Paul Atkins recently made it clear that the era where the agency was at odds with new technology is over. He noted that the current administration is focused on delivering "much-needed clarity" to crypto.
Senator Cynthia Lummis has brought up consumer protection to advocate for the bill.
Without the Clarity Act, customers of bankrupt digital asset exchanges have no guaranteed right to their own assets.
Instead, they are forced to join a creditor line alongside Wall Street firms and expensive lawyers. "They join a creditor line w/ other Wall Street firms and expensive lawyers and hope for the best. This is a consumer protection failure Congress must fix," she said.
Other political figures and commentators, such as Patrick Witt, have joined the chorus of voices advocating for greenlighting the bill.
The current state of the Clarity Act
The bill the U.S. House of Representatives with strong bipartisan support in July 2025. However, it has since stalled in the Senate due to a variety of factors (including the standoff between Coinbase and the banking sector).
Recently, it took a major step forward, with the Senate Banking Committee finally marking up its version of the CLARITY Act in a 15-9 vote.
With that being said, it is still unclear whether the bill will actually pass. Polymarket bettors give the Clarity Act only a 56% chance of actually being signed into law (at the time of writing this article).
There will still be a need for full floor votes to pass a future reconciled version. However, Congress has limited time and political capital left ahead of the highly contentious midterm elections.
U.Today Editorial Team
Dan Burgin
