US Treasury Secretary Bessent: "The CLARITY Act must pass this spring," Emphasizing the Urgency of Virtual Asset Regulation

"No progress without market structure"… Trump administration aims to make the US the "world's cryptocurrency capital."
"Banks and Web3 companies align their goals, but only a few anarchists oppose."
"If you oppose regulation, go to El Salvador," he said.

In an interview with Fox, U.S. Treasury Secretary Scott Bessent emphasized the imperative for passage of the Digital Asset Market Structure Act (CLARITY Act) this spring. "The United States cannot move forward without market structure," Bessent said. "The CLARITY Act must be passed now, not later, not someday."

"Only a small number of anarchists are clearly opposed to regulation."

Minister Bessent emphasized that the goals of banks and cryptocurrency companies align, noting that only a small minority stand in the way of this process. "The only obstacles are those who don't want clear rules and prefer a lack of rules," he said.

Minister Bessent further criticized crypto nihilists, saying, "Market participants who do not want strong regulation should move to El Salvador."

The Trump administration aims to make the US the "cryptocurrency capital of the world."

Secretary Bessent's message was quite direct. "Under President Donald Trump's leadership, the United States is establishing itself as the world's cryptocurrency capital," he said, emphasizing that "this can only happen with clear regulatory measures in place."

As China tightens its regulation of stablecoins, Secretary Besent urged Congress to pass legislation and stressed the need for the United States to maintain its leadership in the cryptocurrency space.

The CLARITY Act passes the U.S. Senate Agriculture Committee and is now headed for a plenary vote.

The Clarity Act, a long-awaited cryptocurrency market structure bill, recently made progress in the U.S. Senate Agriculture Committee. The committee approved portions of the cryptocurrency market structure framework, and it now heads to the full House for a vote.

Joohoon Choi joohoon@blockstreet.co.kr