US Treasury Secretary: Advancing the Clarity Act will help boost Bitcoin prices.

PANews reported on February 14th, citing DL News, that US Treasury Secretary Scott Bessent stated in an interview with CNBC that advancing long-stalled crypto legislation, such as the Clarity Act, would help stabilize the currently weak market and restore investor confidence. Bessent pointed out that Bitcoin has a history of volatility, but some of the current volatility is "self-inflicted." He stated that a group of Democrats wanted to work with Republicans to advance market structure legislation, but some crypto companies have been obstructing it. He indicated that providing clarity for the Clarity Act would be a great comfort to the market during this period of historic volatility and sell-off, and that completing this work as soon as possible is crucial.

The cryptocurrency industry and the banking sector must reach an agreement on the market structure bill by March 1. Bessent stated that there is a great deal of innovation in crypto and its derivative blockchain and DeFi fields, and the bill should be submitted to the president for signature as soon as possible in the spring.