U.S. Treasury Secretary Presses Crypto Industry to Break CLARITY Act Deadlock

U.S. Treasury Secretary Scott Bessent has pushed back against criticism from Coinbase CEO Brian Armstrong over delays surrounding the CLARITY Act, urging crypto firms and lawmakers to reach a compromise as regulatory uncertainty continues to weigh on the U.S. digital asset sector. His comments came just ahead of a White House meeting scheduled for today, where major crypto companies and banking institutions are set to discuss unresolved issues tied to the stalled crypto legislation.

In a recent interview with FOX News, Bessent emphasized that advancing the CLARITY Act is more important now than ever, as the United States risks falling behind in the global digital asset race. He called on all parties involved to find middle ground on contentious points that have prevented the bill from moving forward in the Senate. According to Bessent, regulatory clarity is essential for crypto to remain a viable and trusted asset class, particularly as former President Donald Trump continues to promote the vision of making the U.S. the “crypto capital of the world.”

Bessent directly addressed comments made earlier by Coinbase CEO Brian Armstrong, who argued that passing flawed crypto legislation could be worse than having no bill at all. The Treasury Secretary countered that view by stating that refusing compromise could stall progress indefinitely, harming innovation and market stability. He noted that a small group of opposing voices should not derail legislation that could provide long-awaited guidance for crypto firms, investors, and financial institutions.

The upcoming White House meeting is widely seen as a critical moment for the future of stablecoins and broader crypto regulation in the United States. Industry leaders and banks previously met last week but failed to reach a concrete resolution. Today’s discussions are expected to focus on stablecoin yield concerns, customer interest payments, and the Federal Reserve’s proposed “skinny” master accounts, which would give fintech firms limited access to the Fed’s payment systems. This proposal has become a major source of tension between traditional banks and the crypto industry.

If lawmakers and industry participants can agree on revisions addressing stablecoin yield and banking access, the Senate Banking Committee could reschedule its markup and finally move the CLARITY Act forward. Continued delays, however, risk undermining market confidence and could trigger broader volatility across the crypto market.