Bessent Pushes Senate for CLARITY Vote, Defends BRCA Provision

Bessent directly addressed criticism from prosecutors and law enforcement that the BRCA provision weakens efforts to crack down on illicit finance. "The Blockchain Regulatory Certainty Act – which Washington lobbyists have spun up as a boogeyman for certain groups of prosecutors and law enforcement – does nothing other than codify longstanding Treasury Department policy that's remained consistent across Administrations," he said. Non-custodial builders and developers have never faced registration obligations under the Bank Secrecy Act, he noted.

Major law enforcement groups have now endorsed the current version of the CLARITY Act. The Major Cities Chiefs Association backed the bill, and the Fraternal Order of Police, which initially opposed it, has also come out in support. Prosecutors continue to push for changes to the provision.

Bessent also rejected claims that the crypto bill lacks consumer safeguards. "Titles II and III materially uplift regulatory and compliance obligations for digital asset intermediaries, placing them on similar footing with traditional financial institutions," he said.

The push comes as CLARITY Act passage odds have slipped to 27% after Senate delays. The bill has also drawn criticism from New York Attorney General Letitia James, who warned it would limit state-led fraud crackdowns on crypto. A separate crypto market analysis piece covers the broader regulatory backdrop for digital assets.