Scott Bessent warned senators on Sept. 9 that failing to keep the CLARITY Act moving would signal to allies and adversaries that the U.S. is ceding leadership in digital assets.
The bill would create the most comprehensive U.S. crypto framework yet by splitting oversight responsibilities between the SEC and CFTC and, Bessent argued, strengthening tools against illicit misuse.
A Sept. 15 procedural vote now faces a stalemate as major banks resist stablecoin rewards they say could pull away customers, while Democrats push an ethics ban on senior officials profiting from digital assets.
Some Democrats and Republicans also say the measure still lacks safeguards and could destabilize the banking system, leaving its path uncertain as the Senate returns from recess.