US Treasury Secretary Scott Bessent is sounding the alarm for immediate action on the CLARITY bill, a crucial piece of legislation designed to structure the cryptocurrency market. His call comes amid market volatility and growing concerns that further delays could have dire consequences for the industry.
Bolstering Confidence in a Volatile Market
Bessent strongly argues that the approval of the CLARITY bill is paramount to restoring investor confidence during a period of significant market turbulence. He highlights that the current legislative stalemate, fueled by concerns from crypto executives, has created an environment of uncertainty that actively harms the industry. According to Bessent, greater clarity provided by the bill would offer much-needed reassurance, allowing the market to stabilize and progress.
The Race Against the 2026 Mid-Term Elections
The urgency for passing the CLARITY bill is intensified by the impending 2026 US mid-term elections. Secretary Bessent stresses the importance of getting the bill approved and signed by President Trump before spring 2026, citing the high probability of a shift in political power. Experts, including former Magic Eden general counsel Joe Doll and economist Ray Dalio, echo this concern, noting that mid-term elections often alter the balance of power, potentially weakening current pro-crypto policies if they are not codified into law. With the Republican party holding only a slim majority in the House, the window for securing this vital legislation appears to be rapidly closing.
