U.S. Treasury Secretary Scott Bessent publicly blasted Coinbase for blocking the CLARITY Act hours before the second White House crypto meeting. In a Fox News interview, Bessent warned that the stalled legislation undermines the regulatory certainty the industry has sought for years. His remarks targeted Coinbase CEO Brian Armstrong's prior statement that passing no bill is better than a flawed one.
Bessent: 'We've Got a Few Recalcitrant Actors'
Bessent urged all parties to find middle ground, stressing that the CLARITY Act must move forward. “We’ve got a few recalcitrant actors,” he said, calling the resistance counterproductive. He linked the push to former President Donald Trump's goal of making the U.S. the “crypto capital of the world.” Without finalized legislation, Bessent argued, the industry cannot progress.
Stablecoin Yield Splits Senate Committee
Today's White House meeting, the second in a week, again focuses on stablecoin provisions. The key dispute: whether crypto firms must pay yield to customers on stablecoin holdings. That disagreement has stalled Senate Banking Committee markup. The first meeting last week ended without any agreement. Resolving the impasse would allow lawmakers to resume legislative work.
Fed 'Skinny' Accounts Add Complexity
Alongside the CLARITY Act, the Federal Reserve's “skinny” master account proposal remains contentious. It would grant fintech firms limited access to the Fed payment system, but banks and crypto companies remain divided. The overlap between stablecoin yield rules and the Fed proposal has intensified tensions, making negotiations more difficult.
As talks continue, Bessent's criticism signals the administration's urgency. Coinbase has not publicly shifted its position, and the legislative path remains uncertain.