U.S. Treasury Secretary Urges Swift Passage of Clarity Act for Crypto Regulation

U.S. Treasury Secretary Scott Bessent has urged Congress to expedite the passage of the Clarity Act, aimed at establishing federal regulations for the cryptocurrency market. According to NS3.AI, Bessent emphasized the importance of reducing market volatility through clear regulatory frameworks. He noted the bipartisan support for the legislation but cautioned that progress might stall if Democrats regain control of the House. The discussions surrounding the Clarity Act also addressed issues related to crypto market structure, regulatory clarity, tax treatment, and concerns over bank deposit volatility.