Make the U.S. Home: Bessent Pushes for Swift Crypto Legislation

Without the Clarity Act, customers of bankrupt digital asset exchanges have no guaranteed right to their own assets.

Instead, they are forced to join a creditor line alongside Wall Street firms and expensive lawyers. “They join a creditor line w/ other Wall Street firms and expensive lawyers and hope for the best. This is a consumer protection failure Congress must fix,” she said.

Other political figures and commentators, such as Patrick Witt, have joined the chorus of voices advocating for greenlighting the bill.

The current state of the Clarity Act

The bill the U.S. House of Representatives with strong bipartisan support in July 2025. However, it has since stalled in the Senate due to a variety of factors (including the standoff between Coinbase and the banking sector).

Recently, it took a major step forward, with the Senate Banking Committee finally marking up its version of the CLARITY Act in a 15-9 vote.

With that being said, it is still unclear whether the bill will actually pass. Polymarket bettors give the Clarity Act only a 56% chance of actually being signed into law (at the time of writing this article).

There will still be a need for full floor votes to pass a future reconciled version. However, Congress has limited time and political capital left ahead of the highly contentious midterm elections.