Bessent Whips Out Satoshi Quote to Drag Warren Into the CLARITY Act Cage Match 🇺🇸

U.S. Treasury Secretary Scott Bessent on Thursday called on the Senate to vote on the CLARITY Act before its upcoming recess, accusing Democrats of stalling the digital asset bill for political reasons and warning that the United States risks ceding its leadership in the industry without clear rules. In a lengthy post on X, Bessent said the House passed the CLARITY Act more than a year ago and that Senate Banking and Agriculture Committee staff have since spent "thousands of hours" negotiating bipartisan revisions. He said Republicans now have a floor-ready bill awaiting a vote.

"It's disappointing— but not surprising—that Senate Democrats are choosing politics on the cusp of a major victory for American leadership," Bessent wrote. "Find another instance in history where Congress, when given the choice, opted to push an industry out of the United States rather than smartly regulate it. American Exceptionalism was once a bipartisan goal; if Clarity fails, I have serious doubts." The Treasury Secretary said the Senate needs to vote "NOW" on the CLARITY Act and 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. He added that Senate Majority Leader John Thune will put that theory to the test in the days ahead, asking, "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?"

Bessent rejected criticism that the legislation lacks consumer protections or safeguards against illicit finance, arguing that Titles II and III would significantly expand compliance requirements for digital asset intermediaries and bring them closer to the standards applied to traditional financial institutions. He also defended the Blockchain Regulatory Certainty Act, a provision within the Clarity Act aimed at protecting decentralized software developers, saying it codifies longstanding Treasury Department policy that such developers are not subject to Bank Secrecy Act registration requirements. Bessent added that the Fraternal Order of Police, which previously opposed the measure, now supports it.

The Treasury Secretary closed his post with one of $BTC creator Satoshi Nakamoto's best-known quotes, writing: "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.'" The CLARITY Act would establish a federal framework for U.S. digital asset markets, dividing oversight of digital assets between the SEC and CFTC, with most crypto assets generally falling under CFTC jurisdiction. The bill has become one of the crypto industry's top legislative priorities in Washington, and an updated draft released in May by Senate Republicans introduced contentious "ethics provisions" that have complicated efforts to reach a bipartisan deal.