CLARITY Act gains U.S. security backing from ex-defense chief

Former U.S. Defense Secretary Mark Esper urged senators to pass the CLARITY Act, arguing in a Financial Times op-ed that digital asset market structure should be treated as a national security issue as well as a financial regulatory question. Summary Former Defense Secretary Mark Esper called the CLARITY Act a national security bill requiring passage. Senate Majority Leader John Thune filed cloture, scheduling an initial procedural vote for September 15. Updated bill expands Treasury authority over digital asset transfers tied to foreign money laundering concerns. Esper argued clearer U.S. crypto rules could counter North Korean abuse and Chinese payment alternatives. Esper currently serves on Coinbase’s Global Advisory Council, a relevant affiliation when assessing his advocacy. Esper argued that China is building payment infrastructure outside U.S. oversight and that North Korean cyber actors continue exploiting digital assets. His intervention comes just as the Senate has set the bill’s next procedural step. Majority Leader John Thune filed cloture on the motion to proceed to H.R. 3633 before the chamber began its August recess. The Senate Radio TV Correspondents Gallery says th...