Scott Bessent pressed Congress to fast-track the Clarity Act, warning that America's lead in digital assets hangs in the balance. The market cap of crypto assets swung between $2 trillion and $3 trillion last year, with 17% of U.S. adults now holding some exposure. Wall Street giants have rolled out crypto products, yet the sector remains mired in regulatory ambiguity.
The Genius Act, signed under Trump, marked progress—but stablecoins aside, the U.S. lacks a coherent framework. Bessent singled out SEC Chair Gary Gensler's overlapping mandates for creating compliance chaos. 'When every enforcement action feels arbitrary, you get capital flight,' he noted, citing jurisdictions like Abu Dhabi and Singapore that woo firms with clear rulebooks.
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