Bessent: Treasury Will Use SEC and CFTC Actions to Make Up for CLARITY Act's Failure to Pass

October 28: According to CoinDesk, U.S. Treasury Secretary Bessent said at the Ripple Swell conference that Congress's failure to pass the CLARITY Act is disappointing, but the Treasury has "considerable convening power" and can work with the SEC and CFTC to advance a crypto regulatory framework through agency action, calling the two agencies "great partners."

Bessent said the CLARITY Act could have prevented a repeat of "debanking," but such a situation can still be avoided by establishing regulatory best practices and protection mechanisms. He also said stablecoins will expand demand for the dollar and U.S. Treasuries, becoming an important funding source for the U.S. Treasury.