U.S. Treasury Secretary: Opponents of Crypto Market Structure Bill ‘Should Move to El Salvador’

The U.S. Treasury secretary sharply criticized market participants opposing legislation to establish a market structure for digital assets (cryptocurrencies), saying those who do not want regulation should go to another country—not the United States.

According to crypto-focused media outlet CoinDesk on the 5th (local time), U.S. Treasury Secretary Scott Bessent, appearing at a congressional hearing, referenced the digital-asset market structure bill (the CLARITY Act) and said, “Those who don’t want strong regulation should move to El Salvador.”

Bessent did not name anyone in particular, but noted that “there seems to be a group of skeptics in the industry that prefers an environment with no regulation at all rather than regulation such as a market structure law.” He added, “We must introduce safe, sound and prudent practices and an oversight system by the U.S. government, while also ensuring the freedoms that digital assets provide.”

He stressed that the market structure bill is essential to the development of the U.S. digital-asset industry. “The Senate must pass the market structure bill,” Bessent said, adding, “If this legislation does not pass, the digital-asset industry in the United States cannot develop.”

He also expressed expectations for legislative progress, saying that “with both parties continuing discussions on the bill, it could pass within this year.” The bill’s centerpiece is clarifying regulatory jurisdiction over digital assets and the market’s structure.

The remarks come as differences persist within the industry and political circles over the appropriate level of crypto regulation. The U.S. government has maintained its stance that it will bring the industry into the regulatory mainstream through a clear regulatory framework.