The US Treasury Secretary supports pushing forward the Clarity Act this summer, saying Bitcoin reserves are progressing at a "cautious pace."

CoinFeed reported on June 4th that, according to The Block, U.S. Treasury Secretary Scott Bessent stated at a Senate Finance Committee hearing that the establishment of a strategic Bitcoin reserve is progressing at a "prudent pace," while urging lawmakers to support the Clarity Act and hoping it will pass this summer. Bessent stated that bringing best practices from the U.S. to the country is essential to making the U.S. a global innovation hub. The Clarity Act aims to regulate the digital asset industry at the federal level for the first time. A version passed the House last year, but it has stalled in the Senate due to issues such as stablecoin reward processing, software developer protection, and conflicts of interest with Trump's crypto companies. With Congress shifting its focus to the budget bill before the end of the year, time is running out for the bill to pass.