Former US Defense Secretary Mark Esper, in a column for the Financial Times, urged the Senate to urgently pass the Clarity Act, describing the digital asset market structure bill as a national security issue.
Esper connected his call to how the US has maintained global influence over the past 80 years: not only through military power but also via the dollar and payment infrastructure, which provide Washington with sanctions and oversight tools.
According to him, new financial infrastructure based on blockchain and dollar stablecoins could redistribute power. If the US does not set the rules, other countries will.
Esper identified China as the main competitor. He claims Beijing is developing state-controlled payment systems to reduce dependence on American oversight and weaken the dollar’s role. Against this backdrop, Esper presents the Clarity Act not as a “financial services law” but as a national security measure.
The former official, now part of Coinbase’s global advisory board, emphasized the “regulatory vacuum” in the US. According to Esper, uncertainty does not stall the market but pushes companies, capital, and influence to foreign jurisdictions.
He believes the Clarity Act should bring this activity back under US regulation and extend Bank Secrecy Act requirements on AML/KYC procedures to exchanges, brokers, and dealers.
Esper also noted the expansion of the US Treasury’s powers over digital assets through the Clarity Act under Section 311 of the USA Patriot Act. He argues this will enhance sanction tools and increase pressure on North Korea, criminal syndicates, and sanctioned regimes.
In conclusion, Esper mentioned the issue of economic competition: US leadership, in his view, depends on whether developers and companies remain within American jurisdiction.
Earlier, on August 6, the Senate declined a procedural vote on the Clarity Act, delaying its further consideration to mid-September.
