U.S. Treasury Secretary Scott Bessent has intensified pressure on Congress to pass the Digital Asset Market CLARITY Act, emphasizing that clear rules for cryptocurrencies, tokenized assets, and decentralized exchanges are critical for maintaining U.S. leadership in financial innovation. In a recent op-ed, Bessent noted the global crypto market has reached $3 trillion, with nearly one in six Americans holding digital assets.
House Approval and Senate Delays
The CLARITY Act passed the U.S. House of Representatives in July 2025 but has faced repeated delays in the Senate, largely over how stablecoin yields should be treated. Traditional banks argue that yield payments could reduce lending, while industry advocates claim they are essential for innovation and competitiveness.
White House Report and President Trump’s Position
White House economists found that banning stablecoin yields would only increase bank lending by $2.1 billion, a negligible 0.02% of the $12 trillion market, while causing an $800 million annual welfare loss to users. President Donald Trump criticized banks for obstructing the legislation.
Stricter Compliance Rules for Stablecoins
Separately, the Treasury proposed GENIUS Act rules requiring stablecoin issuers to implement Anti-Money Laundering and Counter-Terrorism Financing programs. Experts warn this could make issuers “bank-like gatekeepers,” enabling wallet freezes, transaction blocking, and asset seizures at scale.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.