The US Treasury Secretary has publicly called on senators to move forward with the CLARITY Act. In a recent statement, he urged the Senate to kick off formal debate on the CLARITY Act and keep the legislative process rolling after the August recess. He warned that failing to act would send a troubling message to both US allies and adversaries, signaling a willingness to give up key national security tools to fight illicit use of digital assets.

What’s the CLARITY Act All About?

According to the Secretary, the CLARITY Act is designed to set up a comprehensive regulatory framework for digital assets and boost the government’s ability to crack down on bad actors exploiting these technologies. Back in July, the Treasury head had already called on the Senate to get behind the bill.

Timeline and What’s Next

The official stressed the need to “stay at the negotiating table” to start the formal review and push the process through to a vote. The Senate is expected to vote on the CLARITY Act next week—September 15.