Bessent: Will Advance Crypto Regulatory Framework Through SEC and CFTC Actions

Odaily reports: U.S. Treasury Secretary Bessent stated at the Ripple Swell conference that Congress's failure to pass the CLARITY Act is disappointing, but the Treasury Department possesses "significant convening authority" and can work with the SEC and CFTC to advance a crypto regulatory framework through regulatory agency actions, calling both agencies "excellent partners." Bessent said the CLARITY Act could have prevented "debanking" from recurring, but such situations can still be avoided by establishing regulatory best practices and protections. He also stated that stablecoins will expand demand for the U.S. dollar and U.S. Treasuries, becoming an important funding source for the U.S. Treasury Department.