US Treasury Secretary Urges Congress to Pass Clarity Act for Digital Assets

US Treasury Secretary Scott Bessent has called on Congress to pass the Clarity Act, which would create a unified framework for regulating digital assets in the United States.

The bill aims to provide clarity and stability for the crypto industry, but its passage is being held up due to disagreements between banks and crypto firms over stablecoin interest regulations. This has led to concerns that unclear regulations could drive development abroad, with some companies already setting up operations in countries like Abu Dhabi and Singapore.