BlockBeats News, February 14th, U.S. Treasury Secretary Scott Bessent stated that amid the current prolonged market slump, advancing the CLARITY Act could help improve market sentiment.
Bessent, during an interview with CNBC on Friday, remarked that due to concerns from crypto industry executives, the progress of the CLARITY Act has been hindered, negatively impacting the industry. He said, “As we are going through this historic sell-off period, I think having clarity on the CLARITY Act would provide a major confidence boost to the market, and we can build on that going forward.”
However, Bessent added, “If the Democratic Party takes over the House, which is not at all what I hope for, then the prospect of reaching an agreement will be completely shattered.”
Bessent stated that considering the potential shift in power dynamics after the 2026 midterm elections, it is “crucial” to expedite the passage of the bill and have it sent to President Trump for signing by the U.S. Spring (late March to late June).
According to data from the U.S. House of Representatives, the Republican Party currently holds a slim majority with 218 seats against 214.
On Polymarket, 47% of traders believe that the 2026 midterm elections will result in a “split Congress,” with each party controlling one chamber in the end.
