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XMR$606.93Bessent: Treasury to Use SEC and CFTC After CLARITY Act Stalls
At Ripple's Swell conference, Treasury Secretary Scott Bessent said that after the CLARITY Act stalled in the Senate, crypto rules can advance through the SEC and CFTC.
Treasury Secretary Scott Bessent said on October 27 at Ripple's Swell conference in New York that, with the CLARITY Act stalled in the Senate, the Treasury can advance crypto rules through the SEC and CFTC rather than new legislation. He called the bill's failure disappointing.
Details
According to CoinDesk, the Treasury is ready to work with both regulators on agency action. Bitcoin.com and Phemex report he called the SEC and CFTC "great partners" and pointed to the Treasury's convening power.
He also promised "best practices" and safeguards against banks cutting off crypto firms (debanking). The bill failed its first procedural vote in the Senate in September amid an ethics fight.
What it means for the market
Agency action can move faster than legislation, but it is easier to reverse when administrations change. Based on the coverage, Bessent gave no specific measures or timeline. For the BTC price, see the daily brief.
Not investment advice.
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