Scott Bessent Urges Senate to Vote on CLARITY Act Now, Pushes Back on BRCA Criticism

U.S. Treasury Secretary Scott Bessent has called on the Senate to vote on the CLARITY Act ahead of their recess next week. He also pushed back on criticisms around the BRCA provision, which is currently one of the major obstacles to a bipartisan deal.

Scott Bessent Calls For An Immediate Vote On CLARITY Act

In an X post, the Treasury Secretary said that the Senate needs to vote “NOW” on the CLARITY Act. He further accused Senate Democrats of being afraid to advance the bill because they fear Senator Elizabeth Warren and the “anti-crypto army” she promised to build.

Bessent further remarked that Senate Majority Leader John Thune will put this theory to the test in the days ahead. “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?” he questioned.

The Treasury Secretary also warned that America could end up losing the crypto race to other countries and cited Bitcoin creator Satoshi Nakamoto’s popular saying, “If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry.”

His comments come as the ethics and BRCA provisions in the CLARITY Act continue to be a major obstacle to a bipartisan deal to pass the crypto bill. Democrats objected to the ethics provision because it empowers only the Department of Justice (DOJ) to enforce it, excluding state prosecutors.

As CoinGape reported, Republican Senator Thom Tillis plans to send a bipartisan negotiated ethics package to the White House by tomorrow. A green light from the White House on the ethics package could pave the way for a vote next week.

On The BRCA Provision In The Crypto Bill

The Treasury Secretary addressed criticisms from prosecutors and law enforcement that the BRCA provision in the CLARITY Act makes it harder to crack down on illicit finance.

“The Blockchain Regulatory Certainty Act — which Washington lobbyists have spun up as a boogeyman for certain groups of prosecutors and law enforcement — does nothing other than codify longstanding Treasury Department policy that’s remained consistent across Administrations,” he said.

Bessent noted that non-custodial builders and developers have never been subject to registration obligations under the Bank Secrecy Act. Major law enforcement groups have now shown support for the latest version of the CLARITY Act, although prosecutors continue to push for reform of the provision.

As CoinGape reported, the Major Cities Chiefs Association has endorsed the CLARITY Act. The bill has also received support from the Fraternal Order of Police, which initially opposed it.

Meanwhile, the Treasury Secretary also described criticisms of the crypto bill as lacking safeguards to protect consumers as nothing further from the truth. “Titles II and III materially uplift regulatory and compliance obligations for digital asset intermediaries, placing them on similar footing with traditional financial institutions,” he noted.

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