Treasury Secretary Urges Senate To Pass Crypto Framework

U.S. Treasury Secretary Scott Bessent is calling on lawmakers to advance the long-awaited Digital Asset Market Clarity Act (H.R. 3633) when the Senate returns from recess next week.

The legislation, designed to formally separate digital asset oversight between federal agencies, faces a critical procedural step with a cloture vote scheduled for September 15.

Writing Wednesday on X, Bessent stated that passing the bill is necessary to prevent bad actors from exploiting blockchain technology. He pressed senators to push the framework forward after a planned August vote was delayed.

“When the Senate returns from August recess, I strongly urge everyone to remain at the negotiating table, agree to the motion to proceed, and continue the legislative process,” Bessent said.

He added that stalling the measure could negatively impact the country's global standing.

“Failing to do so would send a troubling signal to our allies and adversaries alike that America is unwilling to lead on the future of digital assets and willing to forgo enhanced national security tools to combat their misuse,” he said.

First passed by the House of Representatives with a 294-134 vote in July 2025, the framework delegates oversight of tokens deemed securities to the SEC. The CFTC would govern decentralized digital commodities such as Bitcoin. The Senate Banking Committee later advanced a version of the bill 15-9 in May 2026.

President Donald Trump has also advocated for the legislation, asserting in August that the framework is necessary to maintain the United States as the "undisputed leader in Bitcoin and crypto."

Despite momentum, sticking points remain. Draft legislation stalled earlier this year due to friction between crypto companies and the banking lobby over offering stablecoin yield to customers. Additionally, lawmakers continue to negotiate ethics rules. While the White House offered an ethics package to restrict government officials from profiting from or promoting digital assets, some Democrats are pushing for stricter divestiture requirements.

Dual Paths to Regulation

Advancing the September 15 motion to proceed requires 60 votes, meaning at least seven Democrats must cross the aisle to join the 53 Republicans. However, industry executives suggest federal guidelines are imminent regardless of the legislative outcome.

Speaking on CNBC’s Squawk Box Asia, Coinbase CEO Brian Armstrong framed the upcoming week as a dual-track event for the industry, noting that the SEC and CFTC are prepared to act if Congress does not.

“If it passes, great, we’ve got legislation,” Armstrong said. “Frankly, if it doesn’t pass, it’s also going to be a good outcome because the SEC and the CFTC have said that they’re ready to publish rulemaking.”

Armstrong emphasized that clear rules will arrive “one way or another on the 15th or the day or two after.”

Federal regulators appear to be preparing for that contingency. CFTC Chair Mike Selig has confirmed the agency will utilize existing authority if Congress stalls, while SEC Chair Paul Atkins expressed hope that the legislative bill advances.

The Senate process coincides with a scheduled FOMC meeting in September 2026, creating a pivotal 48-hour window for both market structure rules and federal rate policy.