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A Wall Street Journal op-ed to press Congress for passing the Clarity Act was used by **Trump’s Treasury Secretary Scott Bessent, who said that “the United States cannot keep its feet dragging and the crypto market keeps growing larger.” ****
It’s not a guarantee to last,” Scott said in remark for Congress. In the last year, global market capitalization of digital assets has ranged from $2 trillion to $3 trillion. In 6 Americans, nearly 1 owns some form of digital asset. But Scott said that major financial institutions have “launched or sought approval for crypto-related products”.
Bessent says Congress must end the confusion around crypto rules
Scott said the government has made one major step already; the Genius Act which Trump signed last year.
He said the general crypto market remains stuck in a legal gray area, he said. But there is still no clear framework for crypto markets in the United States, Scott said outside stablecoins.
He then jabbed the Biden administration’s SEC, which was headed by crypto public enemy #1 Gary Gensler, who Scott said had overlapping and sometimes contradictory claims.
But that left developers, exchanges and investors with no clear instructions on how to apply rules applied, who had authority, and how companies were supposed to operate.
But for Scott, uncertainty was the reason behind a large share of crypto development overseas (such as Abu Dhabi and Singapore) which provided more precise rules that helped companies to register, what standards they had to meet, and how did they have to follow in order to remain compliant with their regulations. he said in the U.S., “the legal risk often outweighed the benefit of staying at home,” referring to the fact that it was more important to stay legally protected from being a .”
In a post on X, Scott had also said, “Senate time is precious, and now is the time to act.”
Bessent lays out how the Clarity Act would pull crypto business back home
Scott said the answer is “durable law” (not more confusion), and that the Clarity Act would divide regulatory authority more clearly, establish registration paths for trading platforms and intermediaries, spell out when a crypto counts as’safety and when it does not.”
Similarly, he said the GENIUS Act cannot do the full job by itself; “what with stablecoins now being legal footing? But the next battle is over what we support, tokenized assets, decentralized exchanges and new ways for businesses to raise money,” Scott said.
That activity, along with the jobs and tax revenue associated with it, is built inside the United States or somewhere else,” he said.
Scott said the bill would also protect software developers so that technology behind digital finance remains open, secure and built in the United States to close out his Op-ed. He said ‘Congress will make sure that the next generation of financial innovation is built on American rails, supported by U.S. institutions and denominated in US dollars. Paraphrasingr ’It is.
Scott had previously told crypto entrepreneurs on X to “start your companies here.” Do your protocols here, ? Hire your employees here, and hire your workers for . – ’.
Thanks for reading Scott Bessent urged Congress to pass the Clarity Act quickly
