US Treasury Secretary Scott Bessent said Congress should pass a bill to establish federal rules for digital assets, reiterating his plea for a framework he says will ensure that the Development and investment in cryptocurrencies remains anchored in the United States.
Bessent called for the adoption of a bill on the structure of the cryptocurrency market called the “Clarity Act”.
“The regulatory framework for digital asset markets is unclear,” Bessent said in an article published Wednesday in the Wall Street Journal, adding that this uncertainty had predictable consequences.
“A growing share of cryptocurrency development has moved to jurisdictions with clear rules, such as Abu Dhabi and Singapore. Abroad, companies knew when and how to register, what standards to meet, and how to operate. The advantages of a U.S. domicile rarely outweighed the risks,” wrote Bessent.
The Clarity Act aims to establish federal rules for digital assets, marking the culmination of several years of lobbying by the crypto industry. Industry companies have long argued that existing rules are inadequate for digital assets and that legislation is essential for companies to continue doing business with legal certainty in the United States.
Legislation on the structure of the cryptocurrency market has been stalled for months by a conflict between the banking sector and the cryptocurrency industry over how the bill treats interest and other rewards paid on stablecoins. Banks are lobbying for the text to include a clause prohibiting this practice.
The House of Representatives passed its version of the bill in July.
In February, Bessent said the bill would bring “great comfort to the market” in a period of high volatility, adding that while some cryptocurrency firms had tried to block the legislation, a bipartisan group of lawmakers nonetheless wanted it passed.
