US Treasury Secretary Scott Bessent Urges Swift Crypto Legislation, Confirms “Cautious and Steady” Progress on Bitcoin Strategic Reserve

US Treasury Secretary Scott Bessent announced on Wednesday that the Treasury Department is actively working to establish a national “Bitcoin Strategic Reserve” at a “prudent and steady pace.” Concurrently, he issued a strong call to Congress, urging lawmakers to pass the cryptocurrency market structure bill this summer.

During a hearing with the Senate Finance Committee on Wednesday, Secretary Bessent passionately advocated for congressional members to “fully support” the “Digital Asset Market Clarity Act” (CLARITY Act), expressing his hope for its legislative completion by this summer. He emphasized the urgency:

“Our immediate priority is to integrate America’s best practices domestically. We are making every effort to refine digital asset custody regulations and are committed to positioning the US as a global hub for innovation.”

For the past year, the US Congress has been actively promoting the CLARITY Act, which represents the federal government’s first comprehensive regulatory framework for the digital asset industry. While the House of Representatives passed its version last year, progress has stalled in the Senate. Key points of contention include stablecoin yield mechanisms, the legal liabilities and scope of protection for DeFi developers, and potential conflicts of interest related to the Trump family’s cryptocurrency ventures.

However, the most significant challenge facing the CLARITY Act may no longer be just its content, but the pressing timeline. As Congress’s focus shifts to budget negotiations in the latter half of the year, coupled with the upcoming US midterm elections in November, lawmakers’ attention will inevitably turn towards election campaigns.

Market observers widely believe that if the bill fails to achieve a breakthrough this summer, subsequent legislative efforts could become considerably more difficult. Consequently, Bessent’s public appeal is interpreted as a strategic move by the Trump administration to advance the cryptocurrency regulatory framework before the election season fully commences.

Beyond the CLARITY Act’s progress, the market is also closely monitoring developments regarding the US government’s establishment of a “Bitcoin Strategic Reserve.” Early in the current administration, President Trump signed an executive order mandating the creation of a national Bitcoin strategic reserve, primarily funded by Bitcoin acquired by the federal government through criminal and civil forfeiture procedures. A separate “Digital Asset Reserve” was also established to manage other crypto assets.

In April of this year, Patrick Witt, Executive Director of the White House Digital Asset Advisory Committee, hinted at a “major announcement” concerning the Bitcoin reserve within weeks, generating significant market interest. However, specific details have yet to be officially disclosed.

Addressing this, Secretary Bessent acknowledged the intricate nature of establishing a national Bitcoin reserve but assured that cross-departmental teams are steadily moving forward. He stated:

“We are proceeding at a cautious and steady pace. In this complex process, we must ensure that every step adheres to the highest industry standards, because we are building a durable system designed to withstand the test of time.”