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US Treasury Secretary Scott Bessent made important statements regarding cryptocurrencies at a Senate Banking Committee hearing.
According to Coindesk, Scott Bessent has called on the cryptocurrency sector to comply with strict regulations.
Bessent criticized market participants who oppose strong regulation for cryptocurrencies, saying they should move to El Salvador if they don’t like it.
During the congressional hearing, Bessent, without naming specific individuals, stated that there was a group of skeptics within the industry who criticized the market structure bill known as CLARITY and preferred no regulation at all.
Bessent emphasized the need for secure, robust, and prudent practices under the oversight of the US government, while also guaranteeing the freedoms offered by cryptocurrency.
At this point, Bessent noted that it is impossible for cryptocurrencies to progress without clear regulations, and said that the crypto sector should support the crypto market structure legislation before Congress, known as the CLARITY Act.
“We absolutely must pass the Clarity Act as soon as possible. If any market participants don’t want this law, they should go to El Salvador.”
Bessent argued that the US crypto sector would be unable to develop if the bill failed.
He also added that he believed the bill could pass this year because bipartisan talks were ongoing.
*This is not investment advice.