Treasury Secretary Scott Bessent has urged lawmakers to pass the Digital Asset Market Clarity Act before the end of the spring legislative window. In a recent interview, he emphasized the need for clear market structure rules amid ongoing volatility in crypto markets. Bessent highlighted bipartisan support and the importance of resolving disputes over stablecoin provisions.
Treasury Secretary Scott Bessent recently called on Congress to advance stalled cryptocurrency legislation, specifically the Digital Asset Market Clarity Act, known as the Clarity Act. Speaking on Fox News’ Sunday Morning Futures with host Maria Bartiromo, Bessent stated that recent developments in crypto markets underscore the urgency for legal certainty.
“What we’re seeing in the crypto market over the past few months means more than ever that the U.S. needs market structure, we need clarity, and we need to get this across the line this spring,” Bessent said.
He acknowledged resistance from what he described as “recalcitrant actors” within the industry, who prefer the bill to fail rather than compromise on key elements. Central disputes involve provisions on stablecoin yields and the roles of regulatory agencies. Major exchange executives argue that restrictions on rewards for stablecoin holdings could harm U.S. competitiveness and innovation. Meanwhile, banks and credit unions express concerns that high yields might divert deposits from traditional banking, affecting lending.
Bessent noted that while debate over bank margins and crypto incentives is inevitable, legislation is preferable to a legal vacuum. He pointed to alignment from traditional financial firms and many crypto companies, with a vocal minority impeding progress. Bipartisan support in Congress offers a path forward, and lawmakers plan closed-door talks to reconcile differences ahead of deadlines.
The push aligns with broader executive efforts to position the U.S. as a global leader in crypto regulation, attracting innovation and capital. Earlier this year at the World Economic Forum in Davos, Bessent announced that the U.S. would stop selling seized bitcoin, instead adding it to the Strategic Bitcoin Reserve per Executive Order 14233. This follows seizures related to cases like Tornado Cash and Samourai Wallet, with retained bitcoin held post-legal resolution.
The interview aired amid ongoing negotiations, with Bessent optimistic about a markup session.
