U.S. Treasury Secretary Scott Bessent on Thursday became the latest major figure to support the crypto Clarity Act — and quoted Satoshi Nakamoto while doing it.
Writing on X, the politician urged the Senate “vote NOW on this landmark legislation,” and blasted Democrats — focusing on Elizabeth Warren — for holding back the bill.
Lawmakers are hoping the Clarity Act gets passed before Congress departs for August recess. While the bill has been drafted bipartisanly, some Democrats are unhappy with the current version.
“The truth is that Senate Democrats are afraid to advance the Clarity Act as they fear Senator Warren and the ‘Anti-Crypto Army’ she once promised to build,” wrote Bessent.
He added: “Will Senate Democrats be on the side of American Exceptionalism, or will they opt to cede American leadership of a global industry for fear of the bespectacled squirrel’s Left flank?”
“America will lead or America won’t. It’s not more complicated than that. I believe Satoshi once said it best: ‘If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry.’”
Democrat Senator Warren has long criticized the crypto industry. Her attacks on the space have become fiercer following President Donald Trump’s support for all things crypto.
Lawmakers are currently mulling over a new draft of the Clarity Act. A number of major nonprofits and financial institutions have backed the bill, which includes amendments addressing ethics, but some Democrats are still unhappy with how it is worded.
Warren last week blasted the bill, claiming it would “make it easier for criminals to move money” and that “it does not stop Donald Trump from cashing in on his presidency.”
President Trump campaigned on a ticket to help the crypto industry and received major backing from digital asset entrepreneurs.
But some Washington lawmakers have criticized the way the Trump family has profited from digital asset ventures, such as the Republican’s meme coin, TRUMP, and World Liberty Financial project.
Trump and the White House have always denied any conflicts of interest.
US banking representatives, regulators and crypto bigwigs have been meeting at the White House to work on the Clarity Act since last year.
If approved, it would set in stone crypto regulation in the world’s largest economy.