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US Treasury Secretary Bessent Urges Congress to Pass CLARITY Act for Crypto Regulation

U.S. Treasury Secretary Scott Bessent urged Congress to pass the CLARITY Act to regulate digital assets. The act aims to establish clear rules for cryptocurrencies, tokenized assets, and decentralized exchanges. Bessent emphasized that U.S. leadership in the global financial sector is at risk without this legislation. In a meeting with major bank CEOs, he discussed the cyber risks posed by Anthropic's Mythos model, noting that some banks are performing better in cybersecurity than others. The stablecoin yield language in the CLARITY Act has been postponed, while the ban on idle balances remains intact.

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