Treasury Secretary Bessent Quotes Satoshi in Crypto Bill Plea

Bessent rejected claims that the bill lacks consumer protections. He said Titles II and III would expand compliance rules for crypto firms, bringing them closer to standards used by banks. He also defended the Blockchain Regulatory Certainty Act, which would protect software developers from certain financial registration rules. The Fraternal Order of Police once opposed that provision but now supports it, Bessent said.

The bill has stalled over ethics provisions added by Senate Republicans in May. The provisions would stop the president and other federal officials from issuing digital assets while in office. Democrats say the rules are too weak. The restrictions would expire in 2029 and would not apply to officials' children, they point out. The provisions were written to target President Donald Trump, who earned more than $1.2 billion from crypto ventures in 2025, according to recent disclosures.

Bessent also claimed Senate Democrats fear backlash from Senator Elizabeth Warren. Warren has called her group of crypto critics an "anti-crypto army."

Senate Majority Leader John Thune said Thursday he does not expect the bill to pass before lawmakers leave for the August recess. He said he still hopes to start the floor process before then. Negotiations over the ethics provisions remain unresolved. Lawmakers are expected to focus on midterm elections once the recess ends, leaving little time for the bill this year.