Treasury Secretary Scott Bessent urged Congress to pass the Clarity Act this spring, arguing the legislation would calm crypto markets rattled by sharp bitcoin price swings.
Bessent Warns Delay on Clarity Act Risks Market Instability
This week, U.S. Treasury Secretary Scott Bessent insisted that Congress should move quickly to pass the Clarity Act, a bipartisan cryptocurrency market structure bill he believes would steady digital asset markets experiencing sharp price fluctuations.
Speaking on CNBC’s “Squawk Box,” Bessent said, “Some clarity on the Clarity bill would give great comfort to the market, and we could move forward from there,” as he emphasized that the legislation should reach President Trump’s desk this spring. He framed the measure as essential to reducing uncertainty surrounding oversight of digital assets.
The Clarity Act, formally titled the Cryptocurrency Legal and Regulatory Integrity Through Yield Act, seeks to define the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), while establishing guardrails for stablecoins and yield products. The bill advanced in the House but has stalled in the Senate amid disagreements over stablecoin provisions.
Bessent also criticized industry opposition, saying some crypto firms have blocked progress, which he argued has not benefited the broader community. He contrasted current efforts with prior regulatory actions, calling earlier crackdowns “almost an extinction event” for the sector.
His remarks come as bitcoin ( BTC) remains well below its October 2025 high of $126,000+, having fallen nearly 50% at one point before rebounding about 16% to roughly $68,936 as of Feb. 15 at 11:30 a.m. Eastern time. Analysts cited legislative uncertainty as one factor contributing to bitcoin’s volatility.
Prediction markets currently place the odds of the bill becoming law by year-end at roughly 60% to 62%, reflecting cautious optimism among traders.
FAQ ❓
- **What is the Clarity Act?**The Clarity Act is a proposed federal framework defining crypto oversight and setting rules for stablecoins and digital asset markets.
- **Why does Bessent support it?**He says clearer rules would reduce uncertainty and provide stability to volatile crypto markets.
- What is bitcoin’s recent price trend? Bitcoin has fallen sharply from its October 2025 high but recently rebounded to around $68,936.
- **Has the bill passed Congress?**It cleared the House but remains stalled in the Senate amid policy disputes.
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