Scott Bessent puts the CLARITY Act back at the center of the American crypto agenda. The Treasury Secretary asks senators to stay at the negotiating table and move the text forward upon their return to Washington. The Senate resumes its work on September 14, with a procedural step expected on the 15th. The project is expected to create the first comprehensive federal framework for the structure of the crypto market in the United States.
In brief
- Scott Bessent asks senators to continue negotiations on the CLARITY Act.
- The text has already passed the banking commission by 15 votes to 9 in May.
- Banks, Democrats and the crypto industry remain divided on several provisions.
Crypto: Bessent wants to put the CLARITY Act back in motion
Scott Bessent chose the moment of the parliamentary return. In a message published Wednesday, the Treasury Secretary calls on elected officials to accept the motion to open the next stage of the debate and to continue the legislative process. A failure would, according to him, send a “troubling signal” about the ability of the United States to maintain its position in digital assets.
However, the text arrives in the Senate after months of negotiations. We had already detailed the fall in the chances of adoption of the CLARITY Act, while the timetable tightened before September.
The project did not start from scratch. On May 14, the Senate Banking Committee approved it by 15 votes to 9. Two Democrats had joined the Republicans to advance the text. The committee then sent it to the full Senate.
This step does not mean the CLARITY Act is passed. The vote expected on September 15 should first allow the Senate to officially continue the examination. It will then be necessary to settle the amendments, obtain the necessary votes and complete the legislative process. Bessent therefore requires acceleration. No signature yet.
Stablecoins and conflicts of interest still block negotiations
The CLARITY Act must notably specify which digital assets fall under the SEC, which fall under the CFTC and which rules must apply to crypto intermediaries.
On paper, the principle enjoys fairly broad support. The details are more problematic. American banks are particularly opposed to certain forms of rewards linked to stablecoins. They fear that crypto platforms can offer returns close to those of bank deposits without supporting the same regulatory constraints. Reuters reports that banks and the digital asset industry stepped up their lobbying of senators during the summer break.
The Democrats are also calling for more guarantees on the fight against money laundering and conflicts of political interest. These disagreements were already present in May when the two Democrats who supported the text in committee warned that their final vote was not guaranteed.
However, an obstacle has recently disappeared. On September 3, the National Sheriffs’ Association withdrew its opposition and took a neutral position. This change was noted ten days before the vote of September 15.
This does not resolve the banking issue or the Democratic demands. The probabilities published by Galaxy also remain low: around 10% chance of adoption in 2026, compared to 75% on May 22. This figure remains an estimate, not a measure of the actual number of senators ready to vote for the text.
September 15 will be a step, not the final adoption
The CLARITY Act matters a lot to the industry because it seeks to replace some of America’s regulatory uncertainty with common federal rules. The banking commission states that the text must in particular regulate digital asset marketsstrengthen certain consumer protections and clarify the regulatory treatment of different tokens. These objectives come from the text brought to the Senate; they do not prejudge its effects once applied.
The political issue has also become more visible. Donald Trump supports the project. Crypto groups increased their campaigns with senators during the summer. Reuters reports that the industry views the current window as important ahead of the midterm elections and a possible shift in the political balance in Washington.
Bessent had already displayed his ambitions in June. At the time, he was still hoping for a breakthrough before the end of the summer. Tremplin.io then explained why the Treasury Secretary was already pushing the CLARITY Act. Three months later, the text is still there. September 15 will not yet say whether the United States has a new crypto law. He will first say whether enough senators agree to continue discussing it. For Bessent, this is now the first battle to win.
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