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Treasury Secretary Bessent Urges Congress to Pass Crypto Clarity Act Before Innovation Shifts Overseas
Published 1 week, 5 days ago
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U.S. Treasury Secretary Scott Bessent is pressing Congress to act swiftly on cryptocurrency legislation. In a Wall Street Journal opinion piece published today, according to Coinpedia Fintech News, Bessent warns that delays in passing the Clarity Act could push innovation to hubs like Singapore and Abu Dhabi, threatening Americas leadership in digital assets. He calls it a national priority, stating we must act now before its too late.
Bessent highlights that nearly one in six Americans owns digital assets, with major banks launching crypto products and blockchain expanding into payments and tokenized assets. The Clarity Act has stalled in the Senate for over 260 days, and midterm election pressures may worsen delays. Senator Cynthia Lummis supports him, urging bipartisan action now.
A key hurdle is debate over stablecoin rewards. Banking groups fear they could drain deposits from traditional banks, but White House economic analysis from the Council of Economic Advisers, as reported by Coinpedia, shows minimal impact. Banning rewards would boost bank lending by just zero point zero two percent, or about two point one billion dollars, mostly benefiting large banks.
Today, the Treasury Department announced a proposed rule to implement the Guiding and Establishing National Innovation for U.S. Stablecoins Act, or GENIUS Act, per the official Treasury press release. Issued jointly by the Financial Crimes Enforcement Network and the Office of Foreign Assets Control, it sets anti-money laundering and sanctions compliance for permitted payment stablecoin issuers. Bessent says this strengthens American leadership in digital finance while protecting against illicit threats and minimizing burdens on innovators.
These moves signal a push for clear rules to keep the U.S. ahead in crypto without stifling growth.
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Bessent highlights that nearly one in six Americans owns digital assets, with major banks launching crypto products and blockchain expanding into payments and tokenized assets. The Clarity Act has stalled in the Senate for over 260 days, and midterm election pressures may worsen delays. Senator Cynthia Lummis supports him, urging bipartisan action now.
A key hurdle is debate over stablecoin rewards. Banking groups fear they could drain deposits from traditional banks, but White House economic analysis from the Council of Economic Advisers, as reported by Coinpedia, shows minimal impact. Banning rewards would boost bank lending by just zero point zero two percent, or about two point one billion dollars, mostly benefiting large banks.
Today, the Treasury Department announced a proposed rule to implement the Guiding and Establishing National Innovation for U.S. Stablecoins Act, or GENIUS Act, per the official Treasury press release. Issued jointly by the Financial Crimes Enforcement Network and the Office of Foreign Assets Control, it sets anti-money laundering and sanctions compliance for permitted payment stablecoin issuers. Bessent says this strengthens American leadership in digital finance while protecting against illicit threats and minimizing burdens on innovators.
These moves signal a push for clear rules to keep the U.S. ahead in crypto without stifling growth.
Thank you for tuning in, listeners. Please subscribe for more updates. This has been a quiet please production, for more check out quiet please dot ai.
For more http://www.quietplease.ai
Get the best deals https://amzn.to/3ODvOta
This content was created in partnership and with the help of Artificial Intelligence AI