U.S. Treasury Secretary Scott Bessent is urging Congress to pass legislation on the structure of the crypto market quickly, warning that delays could hurt America’s leadership in digital assets. However, unclear U.S. rules are pushing crypto to hubs like Singapore and Abu Dhabi.
Therefore, he framed the issue as a national priority, saying, “We must act now before it’s too late.”
Bessent Calls Crypto Law a National Priority
In a recent opinion piece, Bessent framed crypto regulation as a national priority, saying economic security is tied to digital asset leadership. He urged lawmakers to pass the Clarity Act immediately, stating that delays could push innovation overseas.
“Senate floor time is scarce, and now is the time to act.”
However, the bill has already been stalled in the Senate for more than 260 days, raising concerns that pressure from the upcoming midterm election could delay it further.
The timing is critical. Nearly 1 in 6 Americans now owns digital assets, and major financial institutions are already launching crypto-related products. Blockchain infrastructure is also expanding into payments, settlements, and tokenized real-world assets.
Even Senator Cynthia Lummis backed Bessent’s views, saying, “Now is the time to act. We have the Administration, the momentum, and we’ve made bipartisan progress. Congress must pass the Clarity Act now.”
Stablecoin Rewards Debate Slowing Progress
The biggest roadblock to the legislation has been disagreements over stablecoin rewards. Banking groups argue that allowing yield on stablecoins could pull deposits from traditional banks.
Recently, Coinpedia news reported that White House economic analysis suggests the impact would be minimal. Banning stablecoin rewards would increase bank lending by just 0.02%, equal to about $2.1 billion.
Most of that benefit would go to large banks, with limited effect on community lenders.
“Window for Action” Closing
Bessent warned that if Congress fails to act, the U.S. could lose its leadership in digital finance. He noted that unclear rules have already pushed crypto development to places like Singapore and Abu Dhabi, where firms benefit from clearer regulatory frameworks.
He also warned that upcoming election pressures could narrow the window for passing legislation.
If delays continue, the U.S. risks falling further behind as other countries move faster on crypto regulation.
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