Treasury Secretary Bessent Urges Congress to Pass Crypto Clarity Act This Spring

Treasury Secretary Scott Bessent is pushing lawmakers to advance the Digital Asset Market Clarity Act before the spring legislative session ends, arguing that establishing clear regulatory frameworks is critical for the future of cryptocurrency markets in the United States ^[1].

Speaking on Fox News' Sunday Morning Futures, Bessent told host Maria Bartiromo that recent turbulence in digital asset markets demonstrates the urgent need for legal certainty. He expressed optimism that Congress could revive the legislation for markup despite resistance from what he termed "recalcitrant actors" within the industry ^[1].

The bill has encountered opposition over provisions related to stablecoin yields and regulatory oversight. Exchange executives worry that proposed restrictions on stablecoin rewards could weaken U.S. competitiveness, while traditional financial institutions fear that high-yield stablecoin accounts might drain deposits from the banking system ^[1].

Bessent acknowledged these tensions but maintained that resolving disputes through legislation is preferable to leaving markets without regulatory structure. He cited bipartisan congressional support as grounds for optimism and framed the initiative as part of broader efforts to position America as a global leader in crypto regulation ^[1].

The Treasury chief previously announced at the World Economic Forum in Davos that the U.S. government would cease selling seized bitcoin, instead directing it to a Strategic Bitcoin Reserve as required by Executive Order 14233 ^[1].