Treasury Secretary Scott Bessent on Thursday urged Congress to pass the CLARITY Act, a bill establishing a regulatory framework for digital assets. Speaking at the White House, Bessent emphasized the need to bring crypto activity onshore, stating, “The most important thing we can do is to make digital assets come into the United States.”
Bessent criticized the current offshore environment as a “wild, wild west,” arguing that clear rules are essential to curb misconduct. He called on the House and Senate to finalize the legislation.
The CLARITY Act recently cleared the Senate Banking Committee and must now pass a full Senate vote and reconcile with the House before reaching the President's desk.
Bessent also ruled out a U.S. Central Bank Digital Currency, saying, “There will be no CBDC. That would be the first step toward tracking. We took that off the table.”