Treasury Secretary Invokes Bitcoin Creator Satoshi Nakamoto in Plea for Clarity Act

In brief - Treasury Secretary Scott Bessent called on the Senate to immediately vote on the Clarity Act. - He said the bill strengthens consumer protections and anti-money laundering requirements while providing regulatory certainty for digital assets. - Bessent ended his appeal by quoting Bitcoin creator Satoshi Nakamoto. U.S. Treasury Secretary Scott Bessent on Thursday urged the Senate to pass the Clarity Act, accusing Democrats of delaying a vote for political reasons and warning the U.S. risks losing its leadership in digital assets without clear rules. In a lengthy post on X, Bessent said the House passed the Clarity Act more than a year ago and that Senate Banking and Agriculture Committee staff have since spent "thousands of hours" negotiating bipartisan revisions. He said Republicans now have a floor-ready bill awaiting a vote. “It’s disappointing— but not surprising—that Senate Democrats are choosing politics on the cusp of a major victory for American leadership,” Bessent wrote. “Find another instance in history where Congress, when given the choice, opted to push an industry out of the United States rather than smartly regulate it. American Exceptionalism was once a bipartisan goal; if Clarity fails, I have serious doubts.” Bessent rejected criticism that the legislation lacks consumer protections or safeguards against illicit finance, arguing Titles II and III would significantly expand compliance requirements for digital asset intermediaries and bring them closer to the standards applied to traditional financial institutions. He also defended the Blockchain Regulatory Certainty Act, a provision within the Clarity Act aimed at protecting decentralized software developers, saying it codifies longstanding Treasury Department policy that these developers are not subject to Bank Secrecy Act registration requirements. Bessent added that the Fraternal Order of Police, which previously opposed the measure, now supports it. The Treasury secretary also accused Senate Democrats of fearing backlash from Sen. Elizabeth Warren and her self-described "anti-crypto army," arguing the upcoming vote will determine whether the U.S. remains a global leader in digital assets or pushes the industry overseas through regulatory uncertainty. I’m in this fight to put our government on the side of working families. Join our re-election campaign today: https://t.co/KuZwvrwkqT pic.twitter.com/fCUcqE9PZM — Elizabeth Warren (@ewarren) March 29, 2023 Bessent closed his post with one of Bitcoin creator Satoshi Nakamoto's best-known quotes: “America will lead or America won’t. It’s not more complicated than that,” Bessent wrote. “I believe Satoshi once said it best: ‘If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry.’” The Clarity Act would establish a federal framework for U.S. digital asset markets, effectively legalizing most cryptocurrency activity in the United States. The bill, if passed and signed into law, would divide oversight of digital assets between the SEC and CFTC, with most crypto assets generally falling under CFTC jurisdiction. The bill has become one of the crypto industry's top legislative priorities in Washington. In May, Senate Republicans released an updated draft introducing contentious “ethics provisions” in the bill that would bar the president and other federal officials from issuing or sponsoring digital assets while in office. The language was meant to specifically curb the business activity of President Donald Trump, who generated over $1.2 billion from crypto ventures in 2025 alone, according to recent disclosures. Democrats have criticized the proposal because the restrictions would expire in 2029, enforcement would rest solely with the Justice Department, and the language does not extend to officials' children. The legislation's path remains uncertain. Senate Majority Leader John Thune recently said he does not expect the bill to clear the chamber before the August recess because negotiations over ethics provisions remain unresolved. Most observers have pinned the August recess as the hard deadline to get any legislation passed this year before congressional attention turns to midterm elections.