Treasury Secretary Scott Bessent calls on Congress to advance comprehensive crypto market structure legislation, emphasizing regulatory clarity, investor protection, and U.S. competitiveness in digital assets.
Last Updated: February 11, 2026 at 6:30 PM UTC +1
Published: February 11, 2026 at 6:30 PM UTC +1
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After months of legislative impasse on how to handle digital assets in the United States, Treasury Secretary Scott Bessent is stepping up the fever pitch to have Congress take up a long-needed crypto market-structure bill, warning lawmakers that inaction threatens to leave the nation's digital asset markets in regulatory limbo and give leadership to overseas jurisdictions. Speaking to reporters and lawmakers in recent days, Bessent has consistently called on lawmakers to finalize the Digital Asset Market Clarity Act – commonly known as the Clarity Act – before the legislative window closes this spring, arguing that market volatility and industry uncertainty necessitate swift action.
The purpose of the Clarity Act is to establish a robust legal regime for regulation of digital asset markets — clarify duties between regulators like the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commissions (CFTC), identify consumer protections, and define standards for crypto trading venues and stablecoin issuing entities.
At heart is the legislation's goal of ending years of regulatory overlap and uncertainty that have gripped crypto companies, banks, and investors alike. Bessent and other administration officials argue that in the absence of clear market-structure regulations, innovation and capital would drift to foreign markets, further denting U.S. competitiveness.
“What we’ve seen in the crypto market over the past few months means more than ever that the U.S. needs market structure, we need clarity,” Besesent told Fox Business, imploring lawmakers to “get this across the line this spring.”
While broadly supportive of the necessity of regulatory clarity, the bill has languished in the midst of fierce industry and political disagreement over a number of specific elements — notably concerning stablecoin yields, decentralized finance (DeFi), and the equilibrium of regulatory powers between the CFTC and the SEC.
A flash point in the negotiation has been proposals that would restrict or severely limit the ways in which stablecoin issuers could extend rewards to holders. Banks and credit unions have cautioned that high-yield programs linked to stablecoin deposits could end up pulling funds from traditional institutions and impair deposit stability and local lending.
At the same time, some crypto firms have grumbled at the provisions they see as being overly restrictive. Coinbase CEO Brian Armstrong pulled his company's backing for the Act earlier this year, claiming that draft language would hurt U.S. exchanges and stifle innovation in tokenized financial products.
Bessent has not minced words in railing against obstructionist forces he says exist. Testifying before the Senate Banking Committee, he called some industry critics “nihilists” who would prefer no regulation to a compromise framework, and provocatively suggested that those actors “go to El Salvador,” a nation frequently invoked by crypto evangelists for its permissive digital asset policies.
The stalled progress has led to bipartisan frustration as senators and representatives struggle behind the scenes to try to broker common ground. Sen. Mark Warner (D-Va.) told The Block he described those negotiations as “crypto hell,” noting the complications over both issues as well as the legislative slog ahead. Senator Cynthia Lummis (R-Wyo.), one of the key voices on crypto policy, has also weighed in, challenging incumbent banks to “embrace” stablecoins as new financial products that can both expand payment options and profitability — an attempt to ease resistance and galvanize cross-sector support. 
Drafting lawmakers have suggested that more closed-door dialogue is in the works and that efforts to restore the Clarity Act to the markup level could pass if some fundamental differences can be reconciled. 
The Clarity Act debate comes as digital assets gain momentum globally. Inside the Treasury Office, forecasts suggest that stablecoin markets will reach multibillion-dollar valuations over the next few years so long as legal frameworks enable them to grow. 
But volatility in prices of digital assets continues to underline the need for regulatory action. Bitcoin and other major tokens have undergone major swings in recent weeks, a result of sentiment in the market and comments recently made by regulators like Bessent, who has ruled out any direct federal bailout of cryptocurrencies. 
For Bessent and supporters of the legislation, the stakes go well beyond domestic policy: creating a predictable U.S. regime for crypto that Americans can rely on could preserve U.S. leadership in financial innovation at a time when the likes of China are trying out their own digital asset frameworks. 
“If we fail to act, we risk leaving a vacuum that others will fill,” a Treasury official who was privy to the negotiations said to Bitcoin Magazine. 
As Congress contends with these complex policy decisions, the result will determine the trajectory of digital finance in the United States — and whether the world’s largest economy will lead the way or fall behind in the fast-moving world of crypto.
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