U.S. Treasury: U.S. Needs To Pass Clarity Act To Clear Path For Bitcoin And Crypto Markets

"Bessent told host Maria Bartiromo that the recent volatility and developments in crypto markets really show the need for legal certainty. "What we're seeing in the crypto market over the past few months means more than ever that the U.S. needs market structure, we need clarity, and we need to get this across the line this spring," he said. Bessent acknowledged resistance from some quarters but said he remains optimistic that Congress can bring the bill back for a markup session."

"The Treasury chief described the current impasse as driven by "recalcitrant actors" within the industry who would prefer to see the bill fail rather than compromise on contentious elements. He said that many traditional financial firms and a broad swath of crypto and bitcoin companies have aligned behind the need for legislation but that a vocal minority on both sides of the debate are holding up progress."

The Treasury Department pressed lawmakers to act on stalled crypto and bitcoin legislation and urged clear market-structure rules before the end of the spring legislative window. The Digital Asset Market Clarity Act is positioned as essential to the future viability of bitcoin and digital asset markets in the U.S. Recent volatility in crypto markets underscores the need for legal certainty and defined regulatory roles. Progress faces resistance from a vocal minority within the industry, while many traditional financial firms and numerous crypto companies support legislation. Central disputes concern limits on stablecoin yields and which agencies hold oversight, with competing risks to exchanges and banks. Resolving tensions over bank margins and crypto incentives is presented as necessary to secure market clarity and competitiveness.

Read at Bitcoin Magazine