Three prominent voices in finance, cryptocurrency and policy urged Congress this week to act quickly on the Clarity Act, a long-awaited bill to define how cryptocurrencies and blockchain-based financial products operate under US law.
Treasurer Scott Besent Named The Senate Banking Committee requested the legislation be brought to President Trump’s desk, saying Congress has spent years debating a framework to “support the future of finance.”
“The Senate’s time is valuable, and now is the time to act,” Besant said on social media, echoing points from his speech. Wall Street Journal An editorial claimed that US leadership in global finance depends on clear and permanent rules for digital assets.
the The law of clarityis seen as a companion to The law of genius The agreement signed by President Trump last year seeks to establish regulatory boundaries between the SEC and the Commodity Futures Trading Commission.
The draft law defines when a token is considered a security, defines operating paths for trading platforms, and introduces new anti-fraud and anti-money laundering measures.
David Sachs, who championed the Genius Act on stablecoins last year and is the former White House crypto czar, He supported Besant’s call. He said the Clarity Act would provide “rules of the road” for all other digital assets. “Secretary Bessent is right – it is time to act. Senate Banking, and then the entire Senate, must pass the market structure,” Sachs wrote. He added that he expects Congress to submit the bill for President Trump’s signature.
SEC Commissioner Paul Atkins, too join Batch. “The bill is designed so that the SEC and CFTC will be ready as soon as Congress acts,” Atkins said on X. “It is time for Congress to future-proof against rogue regulators and introduce comprehensive market structure legislation.”
Besant: Cryptocurrency innovations will go to other countries
In his country EditorialBesant warned that the lack of clear regulation of cryptocurrencies has pushed innovation offshore to jurisdictions such as Abu Dhabi and Singapore. Without consistent U.S. rules, developers and investors face uncertainty over registration, compliance and enforcement, he wrote.
“Nations that provide clarity attract innovation,” Besant wrote. “The Clarity Act will restore confidence in the ability of digital asset companies to build and grow in the United States.”
The Genius Act last year created a framework for dollar-backed stablecoins, aligning blockchain-based payments with the global role of the US dollar. The Clarity Act would expand this foundation to include the broader digital assets ecosystem, including tokenized securities, decentralized exchanges, and blockchain-based settlement systems.
Supporters argue that the cryptocurrency bill would strengthen financial oversight while keeping blockchain innovations — and associated jobs and tax revenues — within US borders.
By codifying legal standards, they say, this legislation would protect investors, reduce regulatory uncertainty, and keep the United States at the forefront of financial technology rather than ceding ground to foreign markets.
“The United States became the global financial center by leading through moments of technological change,” Besant wrote. “Passage of this legislation ensures that the next generation of finance is built on American rails, backed by American institutions, and denominated in US dollars.”
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