U.S. Treasury Secretary Scott Bessent has urged senators to pass the CLARITY Act, a bill aimed at establishing a comprehensive regulatory framework for the cryptocurrency industry. He warned that failing to advance the legislation would send a troubling signal to allies and adversaries about America’s willingness to lead in digital assets and strengthen its national security tools. An initial procedural vote is expected in the Senate on September 15, requiring at least 60 votes to advance, while Republicans hold only 53 seats. Advocacy organization Cedar Innovation Foundation has launched a seven-figure national advertising campaign to build support for the bill. Senator Cynthia Lummis warned that failing to pass the legislation would surrender financial leadership to China.
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