Bessent proposes agency coordination on crypto rules

Treasury Secretary Scott Bessent said the department could coordinate with the Securities and Exchange Commission and Commodity Futures Trading Commission to advance cryptocurrency oversight after the CLARITY Act failed to advance in the Senate. At Ripple’s Swell conference in New York on October 27, he also argued that dollar-backed stablecoins could broaden access to the U.S. currency and increase demand for Treasury securities as adoption grows. Bessent described Treasury’s convening authority as a way to bring the agencies together and develop a regulatory framework without waiting for new legislation. He called the SEC and CFTC partners in that work. His remarks outlined a possible approach, not a completed framework or a final rule. The CLARITY Act, intended to establish federal rules for digital asset markets and clarify regulators’ responsibilities, failed to advance in a Senate procedural vote on September 15. Bessent said the legislation’s failure was disappointing. Agency action could provide guidance, but rules made by regulators may be changed by future administrations and would not carry the same permanence as a law passed by Congress. Bessent also addressed...