Treasury's Bessent Backs CLARITY Act as Crypto Lobbying Intensifies

Speaking at a White House press briefing on 28 May, Bessent said the administration's priority is to make the United States "the home" for digital assets while reiterating its opposition to a central bank digital currency (CBDC).

"This administration has been very clear there will be no central bank digital currency," Bessent said. He added that bringing digital asset activity onshore would help address many of the risks associated with offshore markets and strengthen regulatory oversight.

"The most important thing we can do is to make digital assets come into the United States," Bessent said. "All the nonsense that happens, all the things you read about, that's because it's the Wild Wild West offshore."

Bessent's comments add the administration's voice to a growing push supporting passage of the Digital Asset Market Clarity Act, one of the most closely watched crypto market structure bills in Congress. The legislation would establish a broader federal framework for digital assets, including clearer oversight responsibilities for regulators and rules for market participants.

Industry push gains momentum

The remarks come as The Digital Chamber recently stepped up efforts to build support for the bill. The industry advocacy group launched a campaign encouraging crypto users and industry participants to contact lawmakers to urge passage of the legislation, arguing that clear rules are needed to preserve US leadership in digital assets.

Supporters of the bill say it would help reduce years of regulatory uncertainty that have driven some crypto firms overseas and left companies navigating overlapping oversight claims from federal agencies. 

Questions remain over Senate path

The renewed push comes despite lingering uncertainty over whether Congress can complete work on the legislation this year. While the Senate Banking Committee advanced the CLARITY Act earlier this month, several issues have complicated negotiations recently, including debates over stablecoin-related provisions, decentralized finance rules, protections for non-custodial software developers and ethics standards for officials holding digital assets.

Traditional banking groups have also emerged as a source of opposition, arguing that some stablecoin provisions could divert deposits away from banks and weaken a key source of lending capital.

Earlier this year, Galaxy Digital estimated the legislation had roughly a 50% chance of becoming law in 2026, citing a narrowing legislative calendar and the procedural hurdles still facing the bill.

Bessent ended his remarks with a direct appeal to lawmakers. "I would encourage the House and the Senate to get CLARITY done," he said.