Treasury Secretary Bessent Says CLARITY Act Is at the '1-Yard Line'

Scott Bessent, the Treasury Secretary, stated on July 21 that the CLARITY Act, a digital asset market structure bill, is at the ‘1-yard line’ and urged Congress to pass it before the August recess. His comments followed similar remarks from Senator Kevin Cramer, who noted that lawmakers are ‘almost there.’ The news triggered a market reaction, with bitcoin rising 2.5% to nearly $67,000 before settling at $66,000, and Coinbase Global shares jumping 13%.

The CLARITY Act requires 60 votes to pass the Senate, and with Republicans holding only 53 seats, at least seven Democrats must support it. Senate Majority Leader John Thune aims for a floor vote before the recess, with Cramer estimating a ‘couple more weeks’ of work. The main obstacle is an ethics provision that has drawn criticism from progressive groups, including Indivisible, Demand Progress, and the Revolving Door Project, who oppose Senator Kirsten Gillibrand’s role in brokering the terms.

Gillibrand is pushing a rule to bar elected officials and their spouses from issuing or sponsoring digital assets, targeting potential conflicts of interest. The fight is over the process, not the substance, as Democrats broadly support ethics restrictions. The bill’s fate will be decided in a compressed window before the August break, hinging on securing the necessary Democratic votes.

Source: https://news.bitcoin.com/clarity-act-bessent-1-yard-line-gillibrand-ethics/