Bessent calls for Clarity Act approval to calm volatile crypto sector

Scott Bessent, the United States Secretary of the Treasury, has stressed that enacting the CLARITY crypto market structure bill could bolster investor confidence and improve market sentiment during a crucial period of economic contraction.

He also argued that delays in passing the CLARITY bill, driven by concerns from the crypto industry, have significantly affected the ecosystem.

To clarify on this point, Bessent highlighted that, “During a period of significant market sell-offs, I believe that clear information about the CLARITY bill would really help the market feel more at ease, allowing us to move on from this situation. If the Democrats were to gain control of the House, which I don’t see as a good outcome, then the chances of reaching an agreement would likely disappear.”

Afterwards, the United States’ top financial official concluded that it is essential to secure approval of this bill at the earliest opportunity and later send it to US President Donald Trump’s desk to sign it into law by spring. Notably, the spring period runs from late March through late June in the country. At this particular moment, sources explained that the urgency stems from impending changes in power during the 2026 midterm elections. 

Bessent calls for the urgency of the CLARITY bill approval

Regarding Bessent’s remarks, Joe Doll, a prominent crypto attorney and executive known for his work in Web3 legal strategy, particularly as the former General Counsel for the NFT marketplace Magic Eden, declared that power shifts during US midterm elections are inevitable.

Just after he outlined this finding, reports noted an earlier statement by Ray Dalio, a prominent American investor, billionaire hedge fund manager, and author. In his statement, Dalio contended that President Trump has a two-year mandate that is highly vulnerable to threats in the 2026 midterms and could be overturned in the 2028 elections. According to him, if Trump’s pro-crypto policies are not codified into law, a political shift could easily reverse them.

Currently, US House data highlighted that the Republican Party maintains a slim lead, holding four more seats than the Democratic Party in the US House of Representatives, holding 218 seats compared to 214 for Democrats.

On the other hand, Polymarket shared its data disclosing that 47% of traders anticipate a split in control between the two parties during the 2026 midterms, resulting in divided control of Congress. As of now, Polymarket traders have placed a 37% probability on the Democratic Party achieving a full sweep of both chambers of Congress in the upcoming midterms.

Doubts surrounding the CLARITY bill deepen

While these uncertainties surrounding the CLARITY bill intensified, reports from reliable sources mentioned that officials from Trump’s administration met with banking and crypto executives to discuss strategies for managing stablecoin yields in the market structure bill currently under Senate consideration.

This meeting was confirmed after the Digital Chamber, the world’s largest trade association for the blockchain and digital asset industry, shared a post on the social media platform X, pointing out that Cody Carbone, its CEO, and other industry executives gathered at the White House to discuss the details of the Digital Asset Market CLARITY Act. Notably, the Senate Banking Committee delayed talks on this act last month.

Meanwhile, before resuming discussions, Lawmakers were scheduled to address several topics, including tokenized equities, decentralized finance, ethical guidelines for elected officials investing in crypto, and rewards for stablecoins.

In a statement, Carbone stated that, “The meeting at the White House today was just the type of progress we need to help solve one of the major problems that is hindering further steps in market structure legislation,” adding that, “We are hopeful that as we explore the details of the policy further, we can create a level playing field for digital assets in the US.” 

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