Trump’s Treasury Secretary Scott Bessent Demands Congress Act Now on Crypto

The political calendar adds urgency. The 2026 midterm elections threaten to shift control of Congress, potentially stalling crypto legislation beyond this year.

Senator Cynthia Lummis indicated in March that a Banking Committee hearing could take place in late April.

In March, Senators Thom Tillis and Angela Alsobrooks reportedly reached an agreement in principle on the stablecoin yield provision, one of the bills largest obstacles.

Still, outstanding issues around decentralized finance protections and illicit finance provisions remain unresolved.

Bessent warned in the op-ed that regulatory uncertainty has already pushed crypto development to jurisdictions with clearer rules, naming Abu Dhabi and Singapore specifically.

He argued the CLARITY Act would establish registration pathways for trading platforms, define when a digital asset qualifies as a security, and strengthen anti-money-laundering oversight.

Whether the Senate Banking Committee acts before midterm pressures consume the legislative calendar will determine if the bill reaches Trumps desk this year.

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