U.S. Treasury Secretary Bessent said the CLARITY Act is critical to making sure the United States wins the global race in new technologies, while also pointing to the previously passed GENIUS Act as part of an effort to build and expand stablecoin-based financial infrastructure in the country. He said the government intends to support digital technology development and, at the same time, craft appropriate regulatory rules for community banks so both sectors can contribute to U.S. economic growth.
Bessent also said the final draft of the CLARITY Act gives the Treasury secretary additional authority to act if stablecoins trigger deposit outflows and damage community banks. He added that the government would not hesitate to use those tools if community banks are harmed. In his remarks, Bessent described community banks as essential to the U.S. economy and to growth in the real economy, adding that "economic security is national security."
According to BlockBeats, U.S. Treasury Secretary Bessent said on Sept. 15 that the CLARITY Act is critical to ensuring the United States can win the global competition in new technologies.
He also referred to the previously passed GENIUS Act, saying one of its aims was to make sure stablecoins, as a piece of financial infrastructure, are built and developed in the United States.
Bessent said the U.S. government will support digital technology development while setting appropriate regulatory rules for community banks, so that both sectors can help drive U.S. economic growth.
He said the final draft of the CLARITY Act gives the Treasury secretary additional authority to take action if stablecoins cause deposit outflows and harm community banks.
Bessent added that if stablecoins damage community banks, the government would not hesitate to use the relevant tools to protect them.
He said community banks are vital to the U.S. economy and to growth in the real economy, adding that "economic security is national security."
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