Key Takeaways
- Treasury Secretary Scott Bessent warned that failure to advance the CLARITY Act would send a “troubling signal” to US allies and adversaries.
- Coinbase CEO Brian Armstrong believes crypto will gain regulatory clarity regardless of the Sept. 15 vote’s outcome.
- Bernstein sees Bitcoin reaching $150,000 by mid-2027 and $300,000 by late 2029, while an ultrabullish scenario puts $500,000 in sight.
US Treasury Secretary Scott Bessent has issued a stark warning to senators five days before a crucial procedural vote that could determine the CLARITY Act’s future.
Bessent said that failing to advance the landmark crypto bill would signal to US enemies that the country is falling behind in crypto and digital assets.
However, Coinbase CEO Brian Armstrong believes the crypto industry will secure greater regulatory certainty even if the legislation fails.
The showdown comes as bullish Bitcoin forecasts gain traction, including Bernstein’s call for Bitcoin to reach $500,000.
Bessent Issues ‘Troubling’ CLARITY Act Warning
The Senate is scheduled to hold a vote on the motion to proceed with the CLARITY Act on Sept. 15.
The vote will determine whether at least 60 senators support opening debate on the bill.
Five days before the vote, Bessent urged lawmakers to remain at the negotiating table and support the procedural motion.
“In July, I called on the Senate to advance the CLARITY Act,” the Treasury secretary said.
“Failing to do so would send a troubling signal to our allies and adversaries alike that America is unwilling to lead on the future of digital assets,” he added.
The bill aims to establish clearer boundaries between the SEC and CFTC while creating federal rules for crypto exchanges.
Bessent’s intervention adds to the growing pressure from the crypto industry ahead of the vote.
Ripple Chief Legal Officer Stuart Alderoty said the company had asked Senate offices to meet ordinary American crypto holders before deciding the bill’s future.
“They are teachers, plumbers, photographers, and supply chain managers,” Alderoty said.
“One in four US adults — and they live across every state in this country.”
The appeal seeks to shift the debate away from crypto executives and political donors by emphasizing the number of retail holders potentially affected by Washington’s decision.
However, ethical restrictions on elected officials’ crypto holdings remain a significant obstacle.
Some Democrats have pushed for stronger safeguards surrounding President Donald Trump and his family’s crypto interests.
Coinbase CEO Says Crypto Wins Either Way
Despite the political warning, Coinbase CEO Brian Armstrong argued that crypto would emerge with greater regulatory clarity regardless of whether the bill advances.
“If it passes, great, we’ve got legislation,” the Coinbase CEO told CNBC.
“If it doesn’t pass, it’s also going to be a good outcome because the SEC and the CFTC have said that they’re ready to publish rulemaking,” he added.
Armstrong predicted that the industry would receive regulatory clarity either on Sept. 15 or shortly afterward.
He said the bill was ready for a “yes” vote and claimed that the senators he had spoken to were supportive.
Armstrong added that his previous concerns with the legislation had been resolved after months of bipartisan negotiations.
Armstrong said the White House had proposed strict restrictions, while Democrats were seeking additional requirements, including that government officials divest their digital asset holdings.
However, the CEO said the two sides were close to resolving their differences.
$500K Bitcoin Scenario Returns to Focus
The CLARITY Act regulatory battle is unfolding as analysts reconsider how high Bitcoin could climb during its next growth cycle.
Bernstein expects Bitcoin to reach $150,000 by mid-2027, then climb to $300,000 by the end of 2029.
In the firm’s most bullish case, it said Bitcoin could reach $500,000.
That would represent an increase of more than 500% from Bitcoin’s price of approximately $78,000 at the time of writing.
Bernstein analyst Gautam Chhugani linked the outlook to the “debasement trade.”
With the four-decade era of falling interest rates ending, the analyst expects policymakers to favor currency debasement over severe fiscal tightening.
That environment could benefit scarce assets such as Bitcoin, which has a fixed maximum supply of 21 million coins.
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Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
