Clarity Act Passage Would ‘Comfort’ Markets Amid Bitcoin Volatility: Treasury Secretary Bessent

U.S. Treasury Secretary Scott Bessent stated on Wednesday that the legislative passage of the Clarity for Payment Stablecoins Act would provide much-needed “comfort” to global financial markets. Speaking during a fiscal policy summit, Bessent highlighted that the current volatility in the Bitcoin market underscores the urgent need for a cohesive regulatory framework for digital assets.

Bessent argued that by establishing clear federal oversight for stablecoins—which serve as a critical bridge between fiat currency and cryptocurrencies—the government can mitigate systemic risks. “Investors are looking for the rules of the road,” Bessent noted. “A transparent regulatory environment will stabilize expectations and ensure that Bitcoin’s price swings do not translate into broader financial instability.”

The Secretary’s remarks come as lawmakers debate the specifics of the Clarity Act, which seeks to set capital requirements and consumer protection standards for stablecoin issuers. Proponents believe the bill will encourage institutional participation by removing the legal ambiguity that has historically plagued the sector. Bessent concluded that the act is a “vital step” in maintaining the dominance of the U.S. dollar in the digital age while fostering domestic innovation.

Source: Clarity Act Passage Would ‘Comfort’ Markets Amid Bitcoin Volatility: Treasury Secretary Bessent