Bessent: Pass CLARITY Act Soon to Lift Crypto Sentiment
U.S. Treasury Secretary Scott Bessent said advancing the CLARITY crypto market-structure bill could improve investor sentiment during the current downturn, cautioning that delaying it until 2027 — after the U.S. midterm elections — may significantly lessen its chances of passage.
Bessent told CNBC on Friday that the bill’s holdup, amid concerns raised by cryptocurrency industry executives, has negatively affected the sector.
“In a time when we are having one of these historically volatile sell-offs, I think some clarity on the CLARITY bill would give great comfort to the market, and we could move forward from there.”
“I think if the Democrats were to take the House, which is far from my best case, then the prospects of getting a deal done will just fall apart,” Bessent continued.
Bessent discusses the importance of passing the CLARITY crypto market structure bill ahead of the 2026 US midterm elections. Source: CNBC
He added that moving the bill “as soon as possible” and sending it to U.S. President Donald Trump for signature by spring — which in the U.S. spans late March through late June — is critical given the potential shift in congressional control in the 2026 midterm elections.
2026 midterms could disrupt Trump’s crypto agenda
Power often shifts during U.S. midterm election cycles, Joe Doll, former general counsel at non-fungible token (NFT) marketplace Magic Eden, told Cointelegraph.
“President Trump has a two-year unimpeded mandate that can be weakened greatly in the 2026 mid-term elections and reversed in the 2028 elections,” economist Ray Dalio said in January.
Dalio warned that this potential political change could roll back the administration’s pro-crypto policies if they are not enacted into law.
The Republican Party holds a narrow four-seat majority in the U.S. House of Representatives, with 218 seats versus 214 for the Democratic Party, according to data from the U.S. House.
Polymarket 2026 US midterm election odds. Source: Polymarket
On prediction market Polymarket, 47% of traders anticipate split control in the 2026 midterms, with each party leading one chamber of Congress.
The probability of a full Democratic sweep — control of both chambers — is 37% at the time of writing, according to the platform.
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