U.S. Treasury Secretary Scott Bessent said in a social media post that the CLARITY Act is critical to helping the United States win what he described as the global race in new technologies. He tied that view to Congress passing the GENIUS Act, saying the goal is to make sure stablecoin infrastructure, which he called a revolutionary financial technology, is built in the United States.
Bessent also said he has focused since taking office on keeping the U.S. community banking sector strong. He described the administration’s two-track approach as promoting new digital technologies while making appropriate adjustments to community bank regulation, arguing that both areas are important to U.S. economic growth.
According to Bessent, the final draft of the CLARITY Act advances that mission by giving the Treasury secretary added authority to act if changes in deposit outflows become harmful to community banks. He added that if stablecoins end up hurting community banks, he would not hesitate to use those tools to make sure they are fully protected. Bessent said community banks remain important to U.S. economic performance and Main Street growth, and said economic security is national security.
U.S. Treasury Secretary Scott Bessent said in a social media post that the CLARITY Act is critical to ensuring the United States wins the global race in new technologies.
He said that is also why Congress passed the GENIUS Act: to make sure stablecoin infrastructure, which he described as a revolutionary financial technology, is built in the United States.
Digital technology push and community bank protections
Bessent said keeping the U.S. community banking sector thriving has been a standing priority since he took office. He described the administration’s focus as twofold: encouraging the development of new digital technologies while making appropriate adjustments to community bank regulation. In his account, both tracks are key to driving U.S. economic growth.
Extra authority under the CLARITY Act draft
Bessent said the final draft of the CLARITY Act advances that effort by granting the Treasury secretary additional powers to respond if the facts around deposit outflows change in ways that harm community banks.
He added that if stablecoins cause damage to community banks, he would not hesitate to use those tools to make sure they are fully protected. Bessent said community banks are vital to U.S. economic performance and Main Street growth, adding that economic security is national security and that community banks play an important part in that principle.
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