U.S. Treasury Secretary Scott Bessent Urges Congress To Pass Crypto Clarity Act

Is this bullish for crypto?

Or

Just more red tape?

U.S. Treasury Secretary Scott Bessent is urging Congress to pass the Crypto Clarity Act.

In an op-ed in the Wall Street Journal, Bessent has claimed that due to the lack of federal regulations on cryptocurrency, large swaths of crypto development firms have taken their investments to countries such as the UAE and Singapore.

🇺🇸 JUST IN: Treasury Secretary Scott Bessent calls for Congress to pass the Clarity Act to establish clear crypto market regulations and keep the US as the global financial standard, in his WSJ op-ed. pic.twitter.com/XkmFokGSbP

— Cointelegraph (@Cointelegraph) April 9, 2026

Reuters had the full scoop:

U.S. Treasury Secretary Scott Bessent said Congress must pass a bill to create federal rules for digital assets, reiterating the ​push for rules that he says will ensure cryptocurrency development ‌and investment remain anchored in the U.S.

Bessent urged passage of a crypto market structure bill called the Clarity Act.

“The regulatory framework for digital asset markets is ​unclear,” Bessent said in an op-ed published in the ​Wall Street Journal on Wednesday, adding that this uncertainty had ⁠predictable consequences.

“A growing share of crypto development relocated to places ​with clear rules, such as Abu Dhabi and Singapore. Abroad, firms knew ​when and how to register, what standards to meet, and how to operate. The benefits of domiciling in the U.S. rarely outweighed the risks,” Bessent wrote.

The ​Clarity Act aims to create federal rules for digital assets, the culmination ​of years of crypto industry lobbying. Crypto companies have long argued that existing ‌rules ⁠are inadequate for digital assets, and that legislation is essential for companies to continue to operate with legal certainty in the U.S.

Just a few months ago, Bessent posted a “Crypto Welcome Home” Video.

Watch here:

Crypto, Welcome Home. pic.twitter.com/7HPsp0vhcZ

— Treasury Secretary Scott Bessent (@SecScottBessent) July 30, 2025

Having Bessent, a financial wizard with favorable views on cryptocurrency, as the U.S. Treasury Secretary is a major upgrade over Biden’s Treasury Secretary, Janet Yellen.

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