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US Treasury Secretary Scott Bessent used a Senate Finance Committee budget hearing on June 3 to deliver the clearest administration signal yet on two of crypto’s biggest open questions: when Washington will hand the digital asset industry a formal rulebook and how far along the government’s Bitcoin (BTC) reserve actually is.
Speaking during the Senate Finance Committee hearing to discuss the fiscal year 2027 budget, Bessent pressed lawmakers to “get behind” the CLARITY Act and said he wants the legislation passed this summer. His framing was pointed. Bessent called the bill essential for US innovation leadership, saying it was “very necessary to bring US best practices onshore.”
The push comes at a critical moment in the bill’s legislative journey. The Senate Banking Committee advanced the Digital Asset Market Clarity Act on May 14, 2026, covering a broad market structure framework addressing illicit finance, decentralized finance, stablecoin yield limitations, tokenization standards, developer protections, and customer-property and bankruptcy protections. The bill now needs to be reconciled with the Senate Agriculture Committee’s Digital Commodity Intermediaries Act before consideration by the full Senate, and that reconciled text still needs to clear the House.
The calendar is tight. With the August congressional recess approaching, there are dwindling spots on the Senate floor to debate the bill in full, and any further wrangling adds to the time crunch.
Despite Bessent’s optimism, real fault lines remain. The CLARITY Act has stalled in the Senate over stablecoin rewards, developer protections, and conflict-of-interest concerns surrounding President Donald Trump.
The conflict-of-interest provision, which would theoretically limit government officials from profiting from the crypto industry, is not under the jurisdiction of the banking panel and has to be resolved later. Democrats have said they will not allow the bill to move without such a section, while White House officials have repeatedly said they would not tolerate a bill that targets the president.
On the banking side, members of the American Bankers Association have reportedly sent more than 8,000 letters to Senate offices criticizing a stablecoin yield compromise reached between Senators Thom Tillis and Angela Alsobrooks, arguing it remains too friendly to stablecoin companies. A final version of the bill will require 60 votes in the full Senate, including a significant number of Democrats.
Banking lobbyists sent 8,000 letters to kill stablecoin rewards.
SWC advocates called 8,000 times and sent 300k emails in the past few months to protect them.
SWC advocates have contacted their lawmakers almost 1.5M times for Clarity.
There is no Stand With Banking 🛡️ https://t.co/qFXXLlMNKe
— Stand With Crypto🛡️ (@standwithcrypto) May 13, 2026
On the reserve front, Bessent was measured but firm. He said the Treasury was “proceeding with all deliberate speed” on President Trump’s executive order to establish the reserve, adding that officials are working to ensure the process uses best practices and produces results that will last. The US currently holds 328,372 BTC in its reserves. The reserve is to be funded mainly from Bitcoin already held by the government through criminal and civil forfeitures.
Bessent’s decision to address both the legislation and the reserve in the same hearing suggests the administration sees the two as complementary. A clearer legal environment could reduce the political and legal risks associated with holding Bitcoin on the federal balance sheet.
While Trump’s advisers are aiming for a signing ceremony by July 4, some senators anticipate the process could extend into August. For now, Bessent’s remarks offer direction without guarantees.
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