Scott Bessent: Treasury Department has a Plan B after the failure of the CLARITY Act

U.S. Treasury Secretary Scott Bessent announced at the Swell conference in New York that the cryptocurrency market does not need the CLARITY Act, as the Treasury Department can work with the SEC and CFTC to create alternative regulations. Bessent emphasized that the failure to pass the bill does not mean the end of regulation in the cryptocurrency industry. He noted that the Treasury Department has significant authority to organize meetings and collaborate with the SEC and CFTC to establish protective barriers for cryptocurrency firms. He added that strengthening the cryptocurrency market could positively impact the dollar. The CLARITY Act failed in a vote on September 15, when the Senate rejected the motion to close debate by a vote of 49 to 50. The midterm elections on November 3 could bring changes to regulatory policy if the Democrats win.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.