US Treasury Secretary Scott Bessent is again pushing Congress to pass a federal crypto market-structure bill, arguing that regulatory uncertainty is sending digital-asset development and investment overseas.
Bessent says unclear rules are driving crypto business abroad
Reuters reported that Bessent said the current US framework for digital-asset markets is unclear, and argued that the consequences have been predictable.
Bessent said a growing share of crypto development has relocated to places with clearer rules, specifically naming Abu Dhabi and Singapore as examples of jurisdictions where firms know how to register, what standards to meet, and how to operate.
The Business Times said that Bessent believes the lack of certainty in the US has made foreign markets more attractive for crypto firms.
That argument goes to the heart of the latest Washington debate over digital assets.
Crypto companies have long maintained that existing rules were not built for token-based markets and that legislation is needed if businesses are to operate with legal certainty in the United States.
The Clarity Act is meant to answer that complaint by creating federal rules for digital assets after years of lobbying by the crypto industry.
The bill is still stuck over stablecoin rewards
Even with Bessent’s public backing, the legislation remains tied up in a long-running fight between banks and the crypto industry.
The market-structure legislation has been held up for months by a clash over how the bill treats interest and other rewards paid on stablecoins. Banks have been pushing for language that would prohibit that practice.
That detail matters because it shows the dispute is no longer only about whether crypto should be regulated, but about which parts of the financial system get to shape the rules.
Stablecoins have become one of the most politically sensitive parts of the digital-asset market because they sit at the intersection of payments, banking, and crypto infrastructure. That is where the bill has run into some of its toughest resistance.
House has already moved, but final passage remains uncertain
The legislation is not starting from zero. The House of Representatives passed its version of the bill in July, meaning the push Bessent is making now is less about introducing a new idea and more about reviving momentum behind a measure that has already advanced once.
The Clarity Act is the culmination of years of lobbying and is intended to bring formal federal structure to a market that still operates under patchwork oversight.
Bessent has been making this case for months.
In February, he argued the bill would give great comfort to the market during a period of volatility, and added that although some crypto firms have tried to block the legislation, there is still a bipartisan group of lawmakers who want it passed.
That earlier comment adds a political wrinkle to the current push: even within crypto, there is not complete agreement over how regulation should be written or who benefits most from it.
A policy fight with larger stakes for the US
The renewed appeal from Bessent suggests the administration sees crypto regulation as more than a niche industry issue. His central argument is that if the US does not create workable rules, capital and talent will continue drifting to jurisdictions that do. That turns the debate into a competitiveness question as much as a compliance one.
For now, though, the Clarity Act remains a live political fight rather than settled policy. Bessent’s message is straightforward: pass the bill, or risk letting more of the industry build elsewhere.
Whether Congress agrees may determine not just how crypto is regulated in the US, but whether Washington still wants to be the place where much of the sector grows next.
