Banks Could Eventually Offer Crypto Products, Says Bessent
Cointelegraph reports US Treasury Secretary Scott Bessent told the Senate Banking Committee that traditional banks and crypto may begin to offer similar products over time. “I think that can happen over time,” he said, adding that Treasury has been working with small and community banks to discuss how they can be part of the digital asset revolution.
Bessent said it is impossible to proceed without clear rules and urged the industry to back the CLARITY Act currently before Congress. “We have to get this CLARITY Act across the finish line, and any market participants who don’t want it should move to El Salvador,” he said, while calling for a balance of safe, sound oversight and the freedom associated with crypto.
The market structure bill has stalled in the Senate Banking Committee amid a bipartisan stalemate, with lawmakers pushing to add restrictions on stablecoin yields that some firms, notably Coinbase, had resisted.
United States