Treasury Secretary: Crypto 'Nihilists' Who Say They Don't Need Clarity Act 'Should Move to El Salvador'
U.S. Treasury Secretary Scott Bessent insisted that regulating crypto in the U.S. requires Congress to pass a market structure bill, calling it “impossible to proceed” without it. He criticized industry members opposed to regulation, suggesting they move to El Salvador if they reject the proposed Clarity Act. This follows Coinbase’s decision to withdraw support for the bill, arguing that no bill is better than a bad one, which drew rebuke from the White House. Coinbase has since resumed negotiations, pushing for stablecoins to pay interest—a point fiercely opposed by the banking lobby, which fears destabilization and deposit flight from small banks. Bessent acknowledged concerns over deposit volatility, stressing its importance to community lending. Senators involved in the legislative process expressed frustration over the drawn-out negotiations.
