Bessent pushes Congress to pass crypto rules bill

The United States is ramping up efforts to regulate the fast-growing cryptocurrency sector, with Scott Bessent calling on lawmakers to act quickly.

In a fresh push, the U.S. Treasury Secretary urged Congress to pass the Clarity Act, a long-debated bill designed to establish clear federal rules for digital assets. Writing in The Wall Street Journal, Bessent warned that regulatory uncertainty is already driving crypto innovation overseas, News.Az reports.

According to Bessent, the lack of a consistent legal framework has created confusion for companies operating in the U.S. As a result, many firms are relocating to jurisdictions with clearer guidelines.

He pointed to hubs like Abu Dhabi and Singapore, where crypto businesses benefit from defined registration processes and transparent operating rules.

“A growing share of crypto development has moved abroad,” Bessent noted, emphasizing that companies prefer certainty over risk.

The proposed legislation seeks to create a comprehensive regulatory structure for digital assets, addressing long-standing concerns from the crypto industry. Companies have argued for years that existing U.S. laws are outdated and fail to reflect how cryptocurrencies function today.

If passed, the bill could provide legal clarity, encourage investment, and strengthen the U.S. position in the global crypto market.

Despite momentum, the bill has faced delays due to disagreements between traditional banks and crypto firms. One of the main sticking points is how the legislation treats interest and rewards on stablecoins.

Banks have pushed for stricter rules, including limits or bans on such practices, while crypto companies argue that these features are essential to their business models.

The United States House of Representatives already passed its version of the bill in July, but further negotiations are needed before it can become law.

Bessent previously said the legislation would bring “great comfort” to markets, especially during periods of volatility. He also noted that while some industry players have resisted the bill, there is growing bipartisan support in Congress to move it forward.

The outcome of this legislation could shape the future of the global crypto industry. Clear rules in the U.S. may not only bring companies back but also determine whether the country remains a leading hub for blockchain innovation—or falls further behind.

News.Az 

By Aysel Mammadzada