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US Treasury's Bessent Offers Clarity Act 'Plan B,' Pledges Closer SEC, CFTC Coordination
Summary
- US Treasury Secretary Scott Bessent said he would strengthen coordination among regulators to respond to delays in passing the cryptocurrency market-structure bill (the Clarity Act).
- Bessent said he would work with the SEC and CFTC to fill the legislative gap and put safeguards in place so crypto companies are not excluded from financial markets.
- He said more than 90% of stablecoins are pegged to the dollar, and because issuers hold US Treasuries as reserves, they are an important source of funding for the Treasury Department.
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US Treasury Secretary Scott Bessent said he would strengthen coordination among regulators to address delays in passing the Clarity Act, legislation aimed at establishing market-structure rules for digital assets.
Bitcoin.com News reported on October 28 that Bessent, speaking on October 27 at Ripple's Swell conference in New York, said he would work with the Securities and Exchange Commission and the Commodity Futures Trading Commission to fill the gap left by the delayed legislation. "We will win in digital assets," he said.
Bessent also underscored the powers available to US authorities, including the Treasury Department. Treasury has broad authority, he said, while the SEC and CFTC are strong partners. Regulators can also put safeguards in place to keep crypto companies from being excluded from financial markets.
He also said stablecoins support the dollar's international role. More than 90% of stablecoins are pegged to the dollar, he said. Because issuers hold US Treasuries as reserves, stablecoins are an important source of funding for the Treasury Department.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul