Treasury Secretary urges Congress to pass Clarity Act

U.S. Treasury Secretary Scott Bessent has called on Congress to swiftly pass the Clarity Act, a major piece of legislation designed to establish a clear regulatory framework for digital assets. Speaking at a White House briefing, Bessent argued that clear rules are necessary to bring cryptocurrency activity and innovation back to the United States and to solidify the country's position as a global hub for the industry.

Bessent stated that the current regulatory uncertainty has created a "wild, wild west" environment offshore, pushing business and talent overseas. He emphasized that the most important step is to make digital assets come into the United States. His comments were echoed by Securities and Exchange Commission Chairman Paul Atkins, who said the era of the agency being at odds with new technology is over and that the focus is now on delivering clarity.

The Treasury Secretary also reaffirmed the administration's opposition to a U.S. central bank digital currency (CBDC), stating definitively that such a proposal is "off the table." He expressed concerns that a government-issued digital dollar could lead to increased transaction monitoring. This position aligns with...