Treasury Secretary Scott Bessent is urging Congress to move quickly on stalled crypto legislation, arguing that the United States needs clear market rules before the spring session ends.
Bessent said that the Digital Asset Market Clarity Act, known as the Clarity Act, is critical for the future of bitcoin and other digital assets in the U.S. He told host Maria Bartiromo that recent swings in crypto markets make legal certainty more urgent than ever. He said lawmakers must establish a clear market structure to give companies and investors confidence. Consequently, he warned that continued delay could leave the industry in regulatory limbo.
Bessent acknowledged that some resistance remains on Capitol Hill and within the industry. However, he said he believes Congress can still bring the bill back for a markup session this spring. He described the current stalemate as the work of what he called recalcitrant actors. According to Bessent, some industry players would rather see the bill fail than accept compromise on disputed provisions.
He said many traditional financial firms and a broad group of crypto and bitcoin companies support the legislation. Meanwhile, he argued that a vocal minority on both sides has slowed progress. At the centre of the debate are rules governing stablecoin yields and oversight authority. Additionally, lawmakers continue to debate which federal agencies should supervise different parts of the digital asset market.
Some major exchange executives have criticized proposed limits on rewards for stablecoin holders. They argue the restrictions could weaken U.S. platforms and push innovation offshore.
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Crypto cannot mature without clear rules
Banks and credit unions have raised their own concerns. Conversely, they warn that high yields on stablecoin accounts could draw deposits away from traditional institutions.
Those deposits help fund loans and other banking activities. Consequently, bank groups argue that aggressive stablecoin incentives could disrupt the broader financial system. Bessent said disagreements over bank margins and crypto incentives are unavoidable. However, he maintained that resolving them through legislation is better than leaving the market in uncertainty.
He argued that crypto cannot mature without clear rules. Furthermore, he said bipartisan backing offers a realistic path to passage if lawmakers act quickly. The Treasury’s position reflects a wider push within the executive branch. Additionally, officials want to position the United States as a global leader in digital asset regulation.
Bessent said a well-defined framework could attract investment and innovation back to American markets. Consequently, he said the U.S. could strengthen its financial ecosystem as digital assets expand worldwide. Lawmakers involved in negotiations have signalled that more closed-door talks are planned. Meanwhile, both chambers aim to reconcile differences before key legislative deadlines.
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Federal government will retained forfeited bitcoin
Bessent has also addressed the government’s own bitcoin holdings. Earlier this year, he said the U.S. will stop selling seized bitcoin and instead add it to a Strategic Bitcoin Reserve. He made those remarks at the World Economic Forum in Davos. Additionally, he framed the policy as part of a broader effort to bring digital asset innovation back to American soil.
His comments came amid questions about bitcoin seizures tied to cases involving Tornado Cash and Samourai Wallet developers. However, he declined to discuss ongoing litigation. He said the federal government will retain forfeited bitcoin once legal matters conclude. Consequently, he signalled that future sales of seized bitcoin would contradict current policy.
Executive Order 14233 requires the government to hold forfeited bitcoin in the U.S. Strategic Bitcoin Reserve rather than liquidate it. Meanwhile, that directive aligns with the administration’s broader effort to treat digital assets as strategic holdings rather than short-term revenue sources.
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