Key Highlights
- Federal crypto market structure legislation must pass this spring to secure investor confidence and economic stability.
- Scott Bessent says 2026 will be a year of strong growth driven by a shrinking government and a booming private sector.
- The treasury warns that failing to pass current digital asset bills before the November elections could stall the industry’s growth indefinitely.
U.S. Treasury Secretary Scott Bessent urged Congress to pass the federal digital asset legislation known as the Clarity Bill by this spring.
During an interview with CNBC on Friday, Bessent said clearer market structure rules would help stabilize the cryptocurrency sector after a period of intense volatility and establish the United States as the global center for digital assets. “Some clarity on the Clarity Bill would bring great comfort to the market, and we could move forward from there,” he said.
By encouraging a bipartisan regulatory framework, the Treasury Department aims to provide legal clarity to investors and developers while moving from a phase of economic preparation to one of rapid growth.
Setting the economic table
The Treasury Secretary stressed that current legislative momentum is a key part of a larger strategy to re-privatize the American economy and drive job creation. Bessent described the past year as a preparatory phase or “setting the table.”
He stated that 2025 set the stage, while 2026 will be the banquet for the American people because the economy is taking off. He cited recent employment data showing over 170,000 new jobs in the private sector and a decline in federal government positions. The federal government now has the lowest ratio of jobs to total jobs since 1966.
Crypto industry opposition
The Clarity Bill, which has faced delays, aims to create a clear market structure for the cryptocurrency industry. Bessent believes this would help reassure markets.
He criticized some crypto firms that have been opposing regulations, pointing out that some would “rather have no legislation than this legislation.” Bessent argued that such opposition does not serve the interests of the broader community.
He cautioned that the chance to pass this bill is limited, suggesting that the opportunity for federal digital asset legislation could vanish if the House of Representatives changes leadership in the upcoming November elections.
Comparison with previous administration
This call for legislative clarity marks a sharp departure from the previous administration’s stance. Bessent described the regulatory environment under the Biden administration as nearly an extinction event for the crypto industry.
In contrast, he said President Donald Trump has expressed support for blockchain and decentralized finance. The Secretary noted the success of recent tax policies, including the working families tax cut and rising corporate capital spending, as proof that the administration’s fiscal strategy is effectively stimulating the private sector.
Manufacturing and infrastructure gains
The Treasury Department expects a notable increase in domestic manufacturing and infrastructure. Bessent pointed out that while building factories takes time, the commitment to these projects is already seen in the growth of construction jobs.
He also mentioned that as IRS Commissioner, he has noticed tax refunds increase by 22% early in the season. He interprets this as more capital returning to American households.
The passing of the Clarity Bill is seen as the final piece needed to ensure that the growing digital asset sector can fully support this anticipated economic growth.
Future market implications
The administration is focusing on quickly codifying crypto regulations to take advantage of the current economic momentum. By providing a clear legal framework, Secretary Bessent believes the U.S. can avoid the challenges of past regulatory uncertainty and lead the next wave of global financial innovation.
The progress of this initiative now depends on a bipartisan working group in Congress, which faces a tight deadline to deliver the bill to the president’s desk before the political landscape changes later this year.
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