Bitcoin Magazine

US Treasury Secretary Scott Bessent ‘Strongly Urges’ Senate To Pass Clarity Act

U.S. Secretary of the Treasury Scott Bessent urged lawmakers to move forward with the crypto Clarity Act when they return from recess next week. 

Writing on X Wednesday, Bessent said that the bill would stop “bad actors” from exploiting important digital asset tech. 

Lawmakers were hoping a crucial vote on the long-awaited crypto market structure bill would go ahead in August before their five-week recess. But it was delayed and the Senate will now vote on it next week. 

JUST IN: US Treasury Secretary Scott Bessent says he 'strongly urges' the Senate to pass the Clarity Act.

"Failing to do so would send a troubling signal to our allies and adversaries alike that America is unwilling to lead on the future of digital assets". pic.twitter.com/dA4aIpzwYb

— Bitcoin Magazine (@BitcoinMagazine) September 9, 2026

“When the Senate returns from August recess, I strongly urge everyone to remain at the negotiating table, agree to the motion to proceed, and continue the legislative process,” he said. 

“Failing to do so would send a troubling signal to our allies and adversaries alike that America is unwilling to lead on the future of digital assets and willing to forgo enhanced national security tools to combat their misuse.”

Just in July, Bessent said lawmakers had to pass the Clarity Act if they wanted to be “on the side of American Exceptionalism” — and quoted Satoshi Nakamoto in another social media post. 

“America will lead or America won’t,” he wrote at the time “It’s not more complicated than that. I believe Satoshi once said it best: ‘If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry.'”

First passed last year by the House of Representatives, the Clarity Act drafts a framework to formally divide oversight between regulators, distinguishing which digital assets are securities, commodities or stablecoins. 

The digital asset industry has long been calling for such rules to be set in stone. 

But the draft legislation has largely been stalled this year, mostly because the banking lobby clashed with crypto companies over paying customers stablecoin yield. 

A new draft tackling the issue of ethics started circulating in July, banning government officials from promoting or making money from crypto — something Democrats have criticized President Trump’s family for doing. 

Despite the changes, a group of Democrats said the bill fell short and wanted amendments. 

President Donald Trump has urged lawmakers to get the legislation over the line. In August, he said that in order for the U.S. to remain the “undisputed leader in Bitcoin and crypto,” they had to pass the “very, very powerful legislation.”

This post US Treasury Secretary Scott Bessent ‘Strongly Urges’ Senate To Pass Clarity Act first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.

Bitcoin Magazine

US Treasury Asks For Public Input on Landmark Genius Act Crypto Legislation 

The U.S. Department of the Treasury is moving fast with crypto regulation, with the government body asking for public comment on the landmark GENIUS Act. 

In a Monday announcement, the Treasury said that it was welcoming input from stakeholders on a proposed rule that would provide clarity to industry regarding who needs a license to issue a stablecoin. 

President Donald Trump signed the GENIUS Act into law in 2025. The legislation allows banks and other entities to issue stablecoins if they back the tokens with assets like U.S. Treasuries and provide monthly disclosures of their reserves.

While the law was passed by Congress last year, U.S. regulations typically require agencies to draft and finalize more specific implementing rules — with a period for public comment — before those rules take legal effect. The overall effective date of the GENIUS Act is expected to be January 18, 2027, with stricter offer and sale prohibition of stablecoins prohibited from July 18, 2028. 

JUST IN: Treasury Secretary Scott Bessent says the "Treasury is moving quickly to implement" the GENIUS Act

"Beginning on January 18, 2027, the expected effective date of the GENIUS Act," pic.twitter.com/VCxbnwNM5G

— Bitcoin Magazine (@BitcoinMagazine) August 17, 2026

“President Trump and Congress delivered the GENIUS Act, establishing a landmark framework and clear rules of the road for payment stablecoins, and Treasury is moving quickly to implement that framework,” Treasury Secretary Scott Bessent said in a statement. 

“Treasury welcomes input from stakeholders as we work to provide the regulatory certainty businesses need to innovate and grow in America, cement the role of the U.S. dollar as the world’s reserve currency, and keep America the crypto capital of the world,” he added. 

The statement added that from January 2027, a person generally may not “issue a payment stablecoin in the United States” unless the person has obtained an appropriate federal or state license. 

Questions for stakeholders in consultation include whether key terms are defined clearly enough, when exactly a stablecoin should be considered “issued,” and what due diligence obligations digital asset service providers should have when relying on a foreign issuer’s compliance representations. 

The consultation comes as the U.S. races to craft laws to regulate the crypto industry. Lawmakers were this month aiming to get a vote on the crypto market structure bill, the Clarity Act, but it was delayed until September. 

Bessent this year urged lawmakers to get the Clarity Act over the line. 

President Trump said this month passing legislation like the Clarity Act is necessary for the U.S. to take the lead over China. He also claimed that more people were using Bitcoin to make payments.

This post US Treasury Asks For Public Input on Landmark Genius Act Crypto Legislation  first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.

Bitcoin Magazine

Treasury Secretary Scott Bessent Urges Lawmakers to Vote on Clarity Act, Quotes Satoshi Nakamoto

U.S. Treasury Secretary Scott Bessent on Thursday became the latest major figure to support the crypto Clarity Act — and quoted Satoshi Nakamoto while doing it. 

Writing on X, the politician urged the Senate “vote NOW on this landmark legislation,” and blasted Democrats — focusing on Elizabeth Warren — for holding back the bill. 

Lawmakers are hoping the Clarity Act gets passed before Congress departs for August recess. While the bill has been drafted bipartisanly, some Democrats are unhappy with the current version. 

JUST IN: Treasury Secretary Scott Bessent says Senate Democrats are stalling the Clarity Act:

“The Senate needs to vote NOW on this landmark legislation.”

"I believe Satoshi once said it best: If you don’t believe me or don’t get it, I don’t have time to try to convince you,… pic.twitter.com/9gQh45N31h

— Bitcoin Magazine (@BitcoinMagazine) July 30, 2026

“The truth is that Senate Democrats are afraid to advance the Clarity Act as they fear Senator Warren and the ‘Anti-Crypto Army’ she once promised to build,” wrote Bessent.  

He added: “Will Senate Democrats be on the side of American Exceptionalism, or will they opt to cede American leadership of a global industry for fear of the bespectacled squirrel’s Left flank?”

“America will lead or America won’t. It’s not more complicated than that. I believe Satoshi once said it best: ‘If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry.'”

Democrat Senator Warren has long criticized the crypto industry. Her attacks on the space have become fiercer following President Donald Trump’s support for all things crypto. 

Lawmakers are currently mulling over a new draft of the Clarity Act. A number of major nonprofits and financial institutions have backed the bill, which includes amendments addressing ethics, but some Democrats are still unhappy with how it is worded. 

Warren last week blasted the bill, claiming it would “make it easier for criminals to move money” and that “it does not stop Donald Trump from cashing in on his presidency.”

President Trump campaigned on a ticket to help the crypto industry and received major backing from digital asset entrepreneurs. 

But some Washington lawmakers have criticized the way the Trump family has profited from digital asset ventures, such as the Republican’s meme coin, TRUMP, and World Liberty Financial project. 

Trump and the White House have always denied any conflicts of interest. 

US banking representatives, regulators and crypto bigwigs have been meeting at the White House to work on the Clarity Act since last year. 

If approved, it would set in stone crypto regulation in the world’s largest economy. 

This post Treasury Secretary Scott Bessent Urges Lawmakers to Vote on Clarity Act, Quotes Satoshi Nakamoto first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.