US Treasury Secretary Scott Bessent pushes for the Clarity Act to stop crypto development from leaving the US

Crypto development has relocated to Abu Dhabi and Singapore because the regulatory framework for digital asset markets is unclear. US Treasury Secretary Scott Bessent wrote in a Wall Street Journal op-ed that the benefits of domiciling in the US rarely outweighed the risks. He urged Congress to pass the Clarity Act, a bill that creates federal rules for digital assets. The act would provide the legal certainty crypto companies have long argued is essential to continue operating in the US. The House of Representatives passed its version of the bill in July. The legislation has been held up for months by a clash between the banking and cryptocurrency industry over how the bill treats interest and other rewards paid on stablecoins. Banks have been pushng for language in the bill prohibiting the practice. The Clarity Act aims to ensure cryptocurrency development and investment remain anchored in the US.