U.S. Treasury Secretary Scott Bessent is ramping up pressure on Congress to pass the CLARITY Act this summer while confirming that the Trump administration continues moving forward with plans to establish a Strategic Bitcoin Reserve. The comments came during a Senate Finance Committee hearing on the administration’s proposed 2027 budget and provide one of the clearest updates yet on two of the most significant crypto initiatives currently underway in Washington.
Bessent Calls for Summer Passage of the CLARITY Act
During the hearing, Bessent urged lawmakers to “get behind” the CLARITY Act and emphasized the importance of passing comprehensive crypto market structure legislation before Congress becomes consumed by election-year politics later this year. He argued that clear federal rules are necessary to keep blockchain innovation, investment, and digital asset development within the United States.
According to Bessent, regulatory uncertainty has pushed crypto businesses and talent toward jurisdictions with clearer rules, including Singapore and Abu Dhabi. He said the legislation would help establish the United States as the global leader in digital asset innovation while providing the legal certainty institutional investors and blockchain companies have been seeking for years.
The CLARITY Act would establish federal oversight for digital asset markets, clarify responsibilities between regulators, define rules for crypto intermediaries, and provide a framework for the broader blockchain industry. Despite bipartisan support, the bill has faced repeated delays over issues involving stablecoin rewards, DeFi provisions, software developer protections, and concerns surrounding conflicts of interest tied to President Trump’s crypto ventures.
Strategic Bitcoin Reserve Moving at “Deliberate Speed”
Bessent also provided an update on the administration’s Strategic Bitcoin Reserve initiative, confirming that Treasury officials are actively working on implementation. While offering limited details, he described the effort as moving forward at a “deliberate speed” as officials navigate what he called “new technology” and “new ground.”
The Strategic Bitcoin Reserve was created earlier through a presidential executive order and is expected to be funded primarily through Bitcoin already held by the federal government from criminal and civil asset forfeitures. Rather than auctioning seized Bitcoin as previous administrations have done, the current policy framework calls for retaining those assets as part of a national reserve.
Bessent has previously stated that digital assets are becoming increasingly important to U.S. economic competitiveness and national security, suggesting the reserve could become a long-term strategic asset similar to other government-held reserves.
Time Is Running Short for Crypto Legislation
The administration’s renewed push reflects growing concern that the window for passing comprehensive crypto legislation may begin closing as Congress shifts its attention toward budget negotiations and the upcoming midterm elections. Industry observers have repeatedly warned that delaying action could complicate future efforts if political control of Congress changes after November.
While the CLARITY Act continues to enjoy support from many lawmakers on both sides of the aisle, unresolved policy disagreements remain. Stablecoin yield provisions have emerged as one of the most contentious issues, with banks and crypto companies continuing to battle over how digital dollar products should be regulated.
Bessent has become one of the most vocal advocates for passing the legislation, arguing that regulatory clarity would help bring crypto innovation back onshore while providing long-term stability for digital asset markets.
