US Treasury Secretary Pressures Senate to Vote on Clarity Act as Bitcoin Surges Toward $65,000 Mark Again
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Treasury Secretary Scott Bessent’s push for a swift Senate vote on the Clarity Act catalyzed a modest cryptocurrency market recovery on July 31, with total market capitalization reaching $2.2 trillion. Bitcoin briefly surpassed $65,000, while BNB surged over 3%. The administration’s urgency stems from concerns that impending summer recesses and potential political transitions could stall or repeal the legislation. By securing federal law enactment, the administration aims to fulfill campaign promises to crypto stakeholders and protect industry-linked assets, amidst threats from the SEC to implement independent, potentially restrictive regulatory frameworks should Congress fail to act.
TradingKey - Treasury Secretary Scott Bessent urged the Senate to vote on the Clarity Act as soon as possible, boosting a rebound in the cryptocurrency market.
On July 31, the cryptocurrency market rebounded slightly, rising 0.65%, with its total market capitalization rising to $2.2 trillion. During the Asian early trading session, Bitcoin ( BTC) briefly broke through $65,000 and was temporarily trading at $64,308; Ethereum ( ETH) briefly approached the $2,000 mark and was temporarily trading at $1,903; BNB ( BNB) performed even stronger, surging over 3% in early trading to approach the 600 mark, temporarily trading at $589.
Bitcoin price chart, Source: CoinMarketCap
Following the US SEC Chairman, US Treasury Secretary Scott Bessent criticized Senate Democrats on the social media platform X today for delaying the vote on the Clarity Act and urged a swift vote. Unexpectedly, Scott Bessent also quoted Satoshi Nakamoto's classic rebuttal to the EOS founder: 'If you don't believe me or don't get it, I don't have time to try to convince you, sorry.'
On July 29, SEC Chairman Paul Atkins also called on Congress to pass the bill, posting on the X platform: 'I am committed to supporting Congress in advancing the Clarity Act, including providing technical assistance.' This Monday, Paul Atkins also claimed that if Congress fails to pass the bill, the SEC will establish its own rules for the cryptocurrency market.
As the US Congress approaches its summer recess, the Trump administration has frequently pressured the Senate leadership to vote on and pass the Clarity Act, primarily due to concerns that the bill could be delayed or even repealed in a future political transition, whereas formally enacted federal laws are extremely difficult to overturn. If so, the Trump administration would fail to deliver on its campaign promises to cryptocurrency voters and the Web3 industry, which has provided huge political donations, and the Trump family's crypto project could face forced liquidation.
This content was translated using AI and reviewed for clarity. It is for informational purposes only.
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