Scott Bessent urged Congress to pass the Clarity Act this spring, arguing the legislation would calm cryptocurrency markets shaken by sharp Bitcoin price swings.
Speaking on CNBC’s “Squawk Box,” Bessent said regulatory certainty is needed to reduce oversight confusion and restore investor confidence in digital assets.
“Some clarity on the Clarity bill would give great comfort to the market, and we could move forward from there,”
Bessent said.
The proposed legislation, formally titled the Cryptocurrency Legal and Regulatory Integrity Through Yield Act, would define the respective roles of the US Securities and Exchange Commission and the Commodity Futures Trading Commission, while introducing guardrails for stablecoins and yield-bearing crypto products.
Although the bill advanced in the House of Representatives, it has stalled in the Senate amid disagreements over stablecoin provisions and broader market structure rules.
Bessent criticised segments of the crypto industry for slowing progress, contrasting current reform efforts with earlier regulatory crackdowns that he described as “almost an extinction event” for the sector.
Bitcoin remains well below its October 2025 high above $126,000, having fallen nearly 50% before rebounding to around $68,936 on February 15, with analysts citing legislative uncertainty as a factor behind ongoing volatility.
At the time of reporting, Bitcoin price was $68,791.41.