U.S. Treasury Secretary Bessent said at the Ripple Swell conference that Congress’s failure to pass the CLARITY Act was disappointing, but added that the Treasury still has significant convening power and can work with the Securities and Exchange Commission and the Commodity Futures Trading Commission to move a crypto regulatory framework forward through agency action. He described the SEC and CFTC as "great partners" in that effort. Bessent also said the CLARITY Act could have helped prevent a repeat of "debanking," though he argued similar outcomes can still be avoided by putting regulatory best practices and safeguards in place. He added that stablecoins would expand demand for the U.S. dollar and U.S. Treasuries, making them an important source of financing for the Treasury.
Odaily reported that U.S. Treasury Secretary Bessent said at the Ripple Swell conference that Congress’s failure to pass the CLARITY Act was disappointing.
He said the Treasury has "a lot of convening power" and can work with the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC) to advance a crypto regulatory framework through agency action. He also called the two agencies "great partners."
Bessent said the CLARITY Act could have prevented a repeat of "debanking," but added that similar situations can still be avoided by establishing regulatory best practices and safeguards.
He also said stablecoins would increase demand for the U.S. dollar and U.S. Treasuries, becoming an important source of financing for the U.S. Treasury.
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