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What is the story about?
US Treasury Secretary Scott Bessent said on Friday, February 13, that it is important for Congress to pass federal digital asset legislation and get it to President Donald Trump's desk this spring, saying the Bill would provide "great comfort to the market" during a period of heightened volatility.
Speaking to CNBC International on Squawk Box, Bessent said the Clarity Act would establish market structure rules for the cryptocurrency sector. He noted that some crypto firms have been blocking the legislation, saying they would "rather have no legislation than this legislation," which he suggested has not benefited the broader crypto community.
Bessent warned that prospects for passing the Bill could collapse if Democrats take control of the House of Representatives in November. He pointed to what he called "almost an extinction event" for crypto under the Biden administration, contrasting it with President Trump's efforts to make the US the digital asset capital of the world.
The treasury secretary emphasised the urgency of the legislation, noting that a bipartisan working group of lawmakers wants to move forward with the Bill.
Also Read: Scott Bessent urges Senate to proceed with Warsh hearings for Fed chair despite ongoing Powell probe
He highlighted the importance of innovation in blockchain and decentralised finance adjacent to cryptocurrency, making regulatory clarity critical for the sector's future development.
Speaking to CNBC International on Squawk Box, Bessent said the Clarity Act would establish market structure rules for the cryptocurrency sector. He noted that some crypto firms have been blocking the legislation, saying they would "rather have no legislation than this legislation," which he suggested has not benefited the broader crypto community.
Bessent warned that prospects for passing the Bill could collapse if Democrats take control of the House of Representatives in November. He pointed to what he called "almost an extinction event" for crypto under the Biden administration, contrasting it with President Trump's efforts to make the US the digital asset capital of the world.
The treasury secretary emphasised the urgency of the legislation, noting that a bipartisan working group of lawmakers wants to move forward with the Bill.
Also Read: Scott Bessent urges Senate to proceed with Warsh hearings for Fed chair despite ongoing Powell probe
He highlighted the importance of innovation in blockchain and decentralised finance adjacent to cryptocurrency, making regulatory clarity critical for the sector's future development.
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