Bessent Presses Senate to Advance US Crypto Market Bill
Bessent Presses Senate to Advance US Crypto Market Bill
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- The main near-term signal is whether the Senate can secure the 60 votes needed on September 15 to move the bill forward. That threshold matters more immediately than broader debate around the bill’s final form.
- Markets should also watch whether lawmakers keep the core division of authority between the SEC and CFTC intact. That framework would shape listing standards, exchange compliance, and how firms classify crypto assets in the U.S.
- Open issues around anti-money-laundering rules, stablecoins, and politicians’ crypto interests could still complicate the process even if the bill clears its next procedural step.
If the measure stalls again, regulatory uncertainty for exchanges, custody providers, and token issuers may remain the central market overhang.
U.S. Treasury Secretary Scott Bessent is urging the Senate to move quickly on the CLARITY Act before a scheduled September 15 vote, warning that further delays could weaken the country’s position in digital assets.
The bill is designed to clarify which U.S. regulator oversees different parts of the cryptocurrency market, with the Securities and Exchange Commission retaining authority over securities and the Commodity Futures Trading Commission expected to take on a larger role for digital commodities.
The proposal would also introduce rules for cryptocurrency exchanges and companies that manage crypto on behalf of clients. According to the disclosed outline, the September 15 vote is a key procedural step rather than final passage, meaning the legislation would still face additional hurdles even if it advances.
The measure has already moved through earlier stages in Congress. The House of Representatives approved it in July 2025 by a 294-134 vote, and the Senate Banking Committee backed further consideration in May by a 15-9 vote. The bill’s progress slowed last month during the Senate’s summer recess.
Several policy questions remain under discussion, including anti-money-laundering standards, stablecoin rules, and how to address the cryptocurrency interests of U.S. politicians. The original report also said the CFTC is working on an alternative plan in case the legislation does not move ahead.
Why It Matters
This legislation goes to the core of how the U.S. would regulate crypto market structure. A clearer split between the SEC and CFTC could affect how exchanges operate, how crypto assets are categorized, and how firms approach custody and compliance in the U.S. market.
The political push behind the bill also shows that crypto regulation is moving beyond enforcement questions toward a broader framework for market access and oversight. For industry participants, that shift could matter as much as any single rule because it would define which regulator leads and what standards apply across trading venues and service providers.
Milestones
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