TREE NEWS update: U.S. Treasury Secretary Scott Bessent said at Ripple’s Swell conference that Congress’s failure to pass the CLARITY Act is disappointing, but the Treasury has “substantial convening power” to work with the SEC and CFTC to advance a crypto regulatory framework through agency action, calling both agencies “excellent partners.” Bessent said the CLARITY Act could have prevented a repeat of “debanking,” and that stablecoins will expand demand for the dollar and U.S. Treasuries, becoming an important funding source for the Treasury.
Bessent: Treasury to Use SEC, CFTC Actions to Advance Crypto Rules After CLARITY Act Fails
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AI take
This marks a shift in how U.S. crypto policy may advance: with legislation stalled, agency-level coordination between Treasury, the SEC and CFTC becomes the operative channel, which affects how quickly and predictably rules emerge for issuers and intermediaries. Bessent's framing of stablecoins as a demand driver for dollars and Treasuries ties crypto oversight directly to sovereign funding interests, a notable reframing of the sector's role. Whether agency action can deliver the clarity legislation was meant to provide, and whether debanking concerns are addressed without statute, is the open question worth watching.
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