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Blockchain Association-backed CLARITY Act gains support as Senate timeline may stretch to August

Blockchain Association-backed CLARITY Act gains support as Senate timeline may stretch to August

Treasury Secretary Scott Bessent said the department is implementing President Donald Trump’s strategic Bitcoin reserve order at a deliberate pace while pressing Congress to pass the CLARITY Act this summer.

BTC

Fact Check
The official Senate Banking Committee press release ('Chairman Scott, Senate Banking Committee Advance Clarity Act in Historic Bipartisan Vote') explicitly states the bill passed 15-9 and proceeds to the Senate floor. This is corroborated by CNBC and ABA Banking Journal reporting the same 15-9 vote count and procedural outcome.
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Summary

The CLARITY Act advanced in the U.S. Senate after clearing the Senate Banking Committee by a 15-9 vote on May 14 and being placed on the Senate legislative calendar on June 1, but lawmakers may need until August to complete work on the crypto market structure bill. The Blockchain Association said the measure has support from 160 former national security and law enforcement officials, citing a letter to Senate leaders John Thune and Charles Schumer that said the bill would expand Bank Secrecy Act requirements and sanctions obligations while creating a U.S. Treasury-led information-sharing mechanism. Treasury Secretary Scott Bessent, speaking at a Senate Finance Committee hearing, urged senators to pass the CLARITY Act this summer and said the Treasury Department is implementing President Donald Trump’s executive order creating a U.S. strategic Bitcoin reserve at a “deliberate speed” using “best practices.” He said the government is developing custody and management frameworks for about 328,400 BTC worth roughly $20.6 billion.

Terms & Concepts
  • CLARITY Act: A proposed U.S. crypto market structure bill aimed at defining federal oversight of digital assets.
  • Bank Secrecy Act: A U.S. anti-money-laundering law that requires financial institutions to keep records and report suspicious activity.
  • Strategic Bitcoin Reserve: A U.S. government Bitcoin stockpile created by executive order and intended to be held as a national asset.