Scott Bessent Says CLARITY Act Key to Winning the Global Crypto Race: 'I Will Not Hesitate to Use…'

Treasury Secretary Scott Bessent endorses the final CLARITY Act draft on Monday, stressing its importance for U.S. leadership in digital assets.

Bessent Says CLARITY Supports Community Banks

Bessent argued that the legislation is essential to ensuring America “wins the global race for new technology.”

He said the final draft gives the Treasury Secretary new authority to impose measures if stablecoins drive substantial deposit outflows from community banks.

“Community banks are essential to U.S. economic performance and Main Street growth,” Bessent added. “I will not hesitate to use these tools to ensure they remain fully protected.”

Bessent has repeatedly urged senators to advance the CLARITY Act with bipartisan support. He has warned that inaction could send a “troubling signal” to allies and adversaries that the U.S. isn’t ready to lead the future of cryptocurrencies and blockchains.

Sen. Katie Britt (R-Ala.) quotes Bessent’s post, stating, “Congress has an opportunity to ensure America leads the future of digital finance. Let’s get this done.”

How Long Before We Get CLARITY?

The CLARITY Act still doesn’t have bipartisan consensus, with Senate Democrats reportedly preparing a counterproposal to the GOP’s final offer.