Clarity Act Passage Would 'Comfort' Markets Amid Bitcoin Volatility: Treasury Secretary Bessent
Bitcoin and Ethereum have seen significant declines from their peaks, with Bitcoin dropping over 29% in the past month. U.S. Treasury Secretary Scott Bessent asserts that passing the Clarity Act—intended to clarify crypto market regulations—would stabilize the market. Bessent emphasizes the urgency of enacting the bill, noting bipartisan support in Congress, but also criticizes certain crypto firms, especially Coinbase, for obstructing its passage. Coinbase opposes a provision restricting yield on stablecoins, with CEO Brian Armstrong preferring no bill over a restrictive one. Bessent warns that further Democratic control in Congress could jeopardize the bill, citing perceived hostility to crypto under the Biden administration. Analysts estimate a 62% chance of the bill becoming law by the end of 2026.
