Treasury Secretary Scott Bessent calls for the US Congress to swiftly pass the crypto market structure bill. He warns that time is running out to provide regulatory clarity to the crypto industry as the CLARITY Act remains stalled in the Senate amid dispute between banks and crypto leaders.
Scott Bessent Says Crypto Market Structure Bill Must Pass Now
Scott Bessent emphasized the need to pass the crypto market structure law before it’s too late, WSJ reported on April 8. The CLARITY Act aims to establish clear federal rules for crypto assets, reduce uncertainty, and position the United States as a global leader in crypto innovation.
US Treasury Secretary argued that Congress must act now while Senate floor time remains limited, stating “Time is scarce, and now is the time to act.” He mentioned it as a national priority, saying “economic security is national security.”
Scott Bessent noted that Bitcoin and the global crypto market cap fluctuated significantly between $2-$3 trillion over the past year. He urged lawmakers to finalize the crypto market structure bill amid massive adoption by traditional finance (tradFi).
“Nearly 1 in 6 Americans owns some form of digital asset. Major financial institutions have launched or sought approval for crypto-related products. Blockchain infrastructure has assumed a growing role in payments, settlements and the exchange of real-world assets.”
Senator Cynthia Lummis also urges the Congress to pass the CLARITY Act now. “We have the Administration, the momentum, and we’ve made bipartisan progress,” she added.
Divide Between Banks and Crypto Leaders Stalls CLARITY Act
As CoinGape reported earlier, a White House study on stablecoin yields and rewards revealed a “quantitatively small” risk to bank deposits. It also found that a ban on stablecoin rewards in the CLARITY Act would do little to boost bank lending.
Notably, stablecoin issuers cannot pay yields on balances under the GENIUS Act framework. However, banks and crypto leaders dispute over whether stablecoin yield provision in the CLARITY Act should allow third-party crypto firms, such as Coinbase, to distribute stablecoin rewards to their customers.
However, the White House study faced opposition from some banking members. They argued the analysis missed key funding risks. The source stressed that deposit levels alone do not define the issue.
Amid the delay in passing the crypto market structure bill, the SEC is advancing its own crypto fundraising rules despite the exemption in the CLARITY Act. This comes to provide clear regulations to the crypto market under President Donald Trump’s pro-crypto policies.
Treasury Secretary Scott Bessent earlier urged the Congress to pass the crypto market structure bill by spring. The CLARITY Act markup in the Senate is expected in April, following months of delays.
Source: https://coingape.com/treasury-secretary-scott-bessent-urges-congress-to-pass-crypto-market-structure-bill/
