Bessent Urges Swift Passage of Crypto Market Structure Bill Amid Volatility

Key Takeaways

• Spring Timeline Push: Treasury Secretary Scott Bessent said Congress should pass the Clarity Act this spring and send it to President Donald Trump for signature.
• Market Stability Argument: Bessent said the bill would provide “great comfort to the market” during a period of volatility in the digital asset sector.
• Industry Resistance: He noted that some cryptocurrency firms have attempted to block the legislation.
• Bipartisan Effort at Risk: Bessent pointed to bipartisan support for the measure but warned that the coalition could weaken if Democrats take control of the House in November.
• Federal Rule Framework: The Clarity Act is designed to establish federal rules governing digital assets.

Deep Dive

U.S. Treasury Secretary Scott Bessent is pressing Congress to act on cryptocurrency legislation, arguing that a federal framework for digital assets should be finalized and sent to President Donald Trump for signature before the end of the spring.

In a Friday interview on CNBC, Bessent said the proposed legislation, referred to as the Clarity Act, would establish nationwide rules for digital asset markets. He suggested that clearer guardrails could help stabilize a sector that has recently experienced sharp price swings, describing the bill as something that would provide “great comfort to the market” during a period of volatility.

His comments come as cryptocurrencies have faced renewed pressure, highlighting the ongoing interplay between regulatory uncertainty and market confidence.

Bessent also acknowledged resistance from parts of the crypto industry, saying some firms have sought to impede the legislation’s progress. At the same time, he pointed to a bipartisan bloc of lawmakers working to advance the bill. That cross-party support, he cautioned, could prove fragile if Democrats regain control of the House of Representatives following November’s elections.

The measure aims to create a clearer federal rulebook for digital assets, an area where lawmakers have debated how best to structure oversight.

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