US Treasury Secretary Scott Bessent made important statements regarding cryptocurrencies during a Senate Banking Committee hearing.
According to Coindesk, Scott Bessent called on the cryptocurrency industry to adhere to strict regulations.
Bessent criticized market participants who oppose strict regulation of cryptocurrencies, saying they should move to El Salvador if they don’t like it.
During the congressional hearing, Bessent, without naming specific people, said there was a group of skeptics within the industry who were critical of the market structure of the bill known as CLARITY and preferred no regulation at all.
Bessent emphasized the need for safe, robust, and prudent practices under U.S. government oversight, while ensuring the freedoms offered by cryptocurrency.
At this point, Bessent noted that it is impossible for cryptocurrencies to move forward without clear regulation and said the crypto industry should support crypto market structure legislation before Congress, known as the CLARITY Act.
“We absolutely need to pass the Clarity Law as quickly as possible. If market participants don’t want this law, they should go to El Salvador.”
Bessent argued that the US crypto industry would not be able to grow if the bill failed.
He also added that he believes the bill could pass this year because bipartisan talks are underway.
*This does not constitute investment advice.
