However, the White House’s broader push to regulate crypto markets suffered a setback after Congress failed to pass the Clarity Act, which would have established a federal framework for the industry.
Bessent called the failure a disappointment but said the Treasury Department could work with regulatory agencies like the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) to advance oversight through agency action.
“At Treasury, we have a lot of convening powers,” he said, describing the SEC and CFTC as “great partners” in forming a regulatory framework that could serve as a model for other countries.
The agencies’ regulatory efforts could provide more clarity for crypto firms, though rules adopted by regulators would lack the permanence of legislation.
Bessent also addressed the industry’s concerns about debanking, a term used to describe financial institutions cutting off services to crypto businesses, sometimes allegedly under regulatory pressure.
He said the Clarity Act would have helped prevent a return to such practices but argued that regulatory safeguards could still offer protection.
“I think we can set up regulatory best practices, guardrails that will prevent that from happening again,” Bessent said.




