Treasury Pushes Clarity Act Vote as Bitcoin Reserve Moves Forward

At a Senate Finance Committee hearing on the administration’s 2027 budget on Wednesday, Treasury Secretary Scott Bessent urged senators to approve the Clarity Act this summer and described Treasury’s effort to establish a strategic bitcoin reserve as moving at “deliberate speed.” He pressed lawmakers to back legislation that would create a federal framework for the digital-asset industry.

The Clarity Act aims to set rules for exchanges, custodians and stablecoin issuers and to address developer liability and token reward mechanisms. A version of the bill cleared the House last year but has stalled in the Senate. Negotiations have focused on how to treat rewards tied to stablecoins, protections and liabilities for software developers working on blockchain projects, and provisions intended to manage potential conflicts of interest related to President Trump’s prior crypto ventures.

Lawmakers have spent about a year working on the measure. With Congressional attention expected to shift to funding bills before the end of the year and midterm elections occupying lawmakers after the summer, supporters warn the window for passage is narrowing.

On the bitcoin reserve, Bessent recalled the administration’s executive order earlier this year directing Treasury to create a strategic stockpile. The reserve is planned to be funded mainly with bitcoin already in government custody from criminal and civil forfeitures, supplemented by a separate inventory of other digital assets.

Treasury officials describe the work as legally and technically complex. Bessent cautioned that the department is focused on custody, governance and security to ensure the reserve can be managed reliably over time. “We are proceeding with all deliberate speed,” he told senators, adding that the department seeks practices that will be durable for future administrations.

Patrick Witt, executive director of the President’s Council of Advisors for Digital Assets, previously indicated an announcement on next steps for the reserve is forthcoming. At the hearing, Bessent reiterated the need for careful implementation given legal, operational and security considerations involved in holding and managing digital assets for the government.

Supporters of the Clarity Act say a federal statute would reduce regulatory uncertainty by clarifying oversight and responsibilities across the sector. Opponents in the Senate have proposed changes to multiple provisions, extending negotiations and preventing a final vote.

Bessent framed the legislative and operational efforts as linked, arguing regulatory clarity would complement Treasury’s work on custody protocols and policy alignment. The outcome of this summer’s deliberations will determine whether Congress enacts a federal digital-asset law before attention shifts to budget work and the November elections. Until then, Treasury will continue work on the bitcoin reserve while urging lawmakers to act on the Clarity Act.