PANews 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, aiming to make the U.S. a global innovation hub.

The Clarity Act, which aims to regulate the digital asset industry at the federal level for the first time, saw a version passed by the House of Representatives last year, but it stalled in the Senate due to issues such as stablecoin reward processing, software developer protection, and conflicts of interest related to Trump's crypto business policies. With Congress shifting its focus to budget legislation before the end of the year, time is running out for the bill to pass. Regarding the Bitcoin reserve, Bessent stated that the process is complex but is progressing at a cautious pace.