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US Treasury Calls for Urgent Legislation to Support Crypto Markets

The US Treasury Secretary has issued a strong appeal for Congress to advance the long-awaited crypto market structure bill by this spring.

Scott Bessent pointed out that the current market volatility has been partly exacerbated by industry reactions to this pending legislation.

He emphasized that the passing of the bill would provide much-needed reassurance to the crypto market during turbulent times.

Despite its importance, the CLARITY Act has faced delays after initial drafts met criticism from crypto industry leaders.

Bessent noted bipartisan efforts are underway to push the legislation through, aiming to secure a deal before the upcoming midterm elections in November.

Patrick Witt, the executive director of the US President's Council of Advisors for Digital Assets, echoed these sentiments, highlighting the need for compromises between both parties.

He mentioned recent progress with the Senate Agriculture Committee passing part of the CLARITY Act concerning the Commodity Futures Trading Commission.

Witt also discussed the importance of reconciling both portions of the bill and the potential impacts on future crypto regulations.

Moreover, he emphasized the need to avoid allowing contentious issues to derail the overall legislation.

With a proposed meeting from the White House to discuss stablecoin rewards, the future of crypto regulation in the US seems to be on a delicate path toward clarity.