Scott Bessent · CLARITY Act · U.S. Treasury · US Senate · The Block
Bessent backs summer push for Clarity Act, confirms bitcoin reserve moving at ‘deliberate speed’
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◎ Multiple-sources
Treasury Secretary Scott Bessent said the department is moving at a "deliberate speed" to establish a strategic bitcoin reserve while continuing to push for passage of a major cryptocurrency market structure bill this summer.
Key facts
- Speaking on Wednesday during a Senate Finance Committee hearing to discuss the 2027 budget, Bessent pressed lawmakers to "get behind" the bill, called the Clarity Act, and said he wants
- In April, the executive director of the President’s Council of Advisors for Digital Assets, Patrick Witt, said there would be a " big announcement " coming in the next few weeks on the next steps
- Time is dwindling now to pass the Clarity Act as priorities on Capitol Hill turn to budget bills before the end of the year, and midterm elections in November are expected to take up lawmakers' time
- As debate over the bill continues, Bessent told lawmakers on Wednesday that his Treasury Department is moving forward with a strategic bitcoin reserve
Summary
Speaking on Wednesday during a Senate Finance Committee hearing to discuss the 2027 budget, Bessent pressed lawmakers to "get behind" the bill, called the Clarity Act, and said he wants that legislation passed this summer. "It's necessary to bring U.S. best practices onshore, and we work tirelessly in terms of custodying these assets and making the U.S. the innovation capital of the world," Bessent said. Lawmakers have spent the past year working to pass the Clarity Act, which would regulate the digital asset industry for the first time at the federal level.