Skip to navigationSkip to main contentSkip to right columnParshwa TurakhiyaSun, June 7, 2026 at 5:01 PM GMT+2 4 min readBenzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below.Treasury Secretary Scott Bessent told Senate lawmakers Wednesday that the Strategic Bitcoin Reserve is moving forward and pressed them to pass the CLARITY Act before summer recess.Bessent Wants CLARITY Act Done This SummerSpeaking at a Senate Finance Committee hearing on the 2027 budget, Bessent urged lawmakers to get behind the CLARITY Act and push it across the finish line before August.The House passed the bill last year, but lawmakers have stalled it in the Senate over stablecoin yield provisions, software developer protections, and conflicts of interest related to President Trump's crypto ventures.“It’s very necessary to bring U.S. best practices onshore, and we work tirelessly in terms of custodying these assets and making the US the innovation capital of the world,” Bessent said.Don't Miss:A single bad hire can set a startup back years. Here are the 5 hires founders most often misjudge — and whyStill Learning the Market? These 50 Must-Know Terms Can Help You Catch Up FastMoreover, time is running short. Midterm elections in November will consume most of Congress’s attention after the August recess, leaving roughly nine weeks to get this done.Bitcoin Reserve Is Happening But Process Is ComplicatedOn the Strategic Bitcoin Reserve, Bessent confirmed the Treasury is moving forward but acknowledged the process is not simple.Trump signed the executive order creating the reserve earlier this year, funded primarily through Bitcoin already held by the government from criminal and civil forfeitures.“We are proceeding with all deliberate speed, and we are making sure that as we are doing this in this complicated process, we use best practices and things will be durable for the future,” Bessent stated.In April, White House crypto advisor Patrick Witt promised a “big announcement” on the reserve’s next steps within weeks. Since then, the White House has provided no public updates on the reserve’s next steps.See Also: Avoid the #1 Investing Mistake: How Your ‘Safe' Holdings Could Be Costing You Big TimeWhy This Matters For Bitcoin Right NowBoth developments matter directly to Bitcoin price at a moment when the asset is trading near $65,000 and ETF outflows have topped $5 billion over four weeks.A formal reserve announcement from the Treasury would represent the most bullish policy catalyst remaining on the table for this year.Meanwhile, CLARITY Act passage would unlock institutional capital that has been sitting on the sidelines waiting for regulatory certainty.Galaxy Digital Head of Research Alex Thorn gives the bill 70% odds of passing this year, with the ethics provisions around elected officials remaining the last major hurdle before a Senate floor vote.Image: ShutterstockRead Next: Skip the Regrets: The Essential Retirement Tips Experts Wish Everyone Knew Earlier.Think you're saving enough for your kids? 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