U.S. Treasury Secretary: Crypto regulation opponents should move to El Salvador

U.S. Treasury Secretary Scott Bessent criticized market participants who oppose strong regulation, stating they should move to El Salvador, CoinDesk reported. During a congressional hearing, Bessent, without naming specific individuals, said there appears to be a group of skeptics in the industry who would prefer no regulation over the proposed market structure bill, known as CLARITY. He emphasized the need to introduce safe, sound, and prudent practices under U.S. government oversight while also guaranteeing the freedoms offered by cryptocurrency. "The Senate must pass the market structure bill," Bessent stated, arguing that the U.S. crypto industry cannot develop if the legislation fails. He added that he believes the bill could be passed this year, as bipartisan discussions are ongoing.