Treasury Secretary Bessent calls for passage of Crypto Clarity Act, warns US risks losing global tech race

Treasury Secretary Scott Bessent is turning up the heat on Congress, arguing that passing the CLARITY Act is essential for the United States to maintain its edge in the global technology race. The message is straightforward: get this done or watch crypto innovation keep moving to Singapore, Abu Dhabi, and anywhere else that already has clear rules. Bessent has characterized the legislation as sitting at the “1-yard line,” a metaphor he applied in July 2026. The bill passed the House back in July 2025 and cleared the Senate Banking Committee with a 15-9 vote in spring 2026, yet a full Senate vote remains elusive heading into September 2026. What the CLARITY Act actually does The legislation would create a federal regulatory framework for digital assets by dividing oversight responsibilities between two agencies. The SEC would handle tokens that look and act like securities, while the CFTC would oversee those that function more like commodities. Beyond the jurisdictional split, the bill sets disclosure requirements for digital asset platforms, establishes anti-money laundering standards, and creates pathways for companies to register with regulators. Bessent has tied the legislation ...