U.S. Treasury Secretary Scott Bessent criticized crypto insiders during a Senate Banking Committee hearing for hindering progress on the Digital Asset Market Clarity Act. He said that some in the industry appear to want no regulation at all. The remarks came as lawmakers sought to advance the market structure bill, with Democratic Senator Mark Warner briefly aligning to voice concerns.
During the hearing, Warner indicated that additional meetings would be held in the coming days to discuss regulatory efforts, and that Bessent would be invited. Warner quipped that he felt “like I’m in crypto hell,” but added that they would continue to work. He argued that the remaining issues include national security considerations around DeFi, which must be addressed.
Bessent did not name specific crypto industry figures, but stressed the importance of passing the Digital Asset Market Clarity Act. The bill’s momentum has slowed over disagreements regarding stablecoin yield provisions. Without passage, he warned, the industry cannot grow in the United States, and those opposed to regulation should consider relocating to El Salvador.
He noted that proposals like the GENIUS Act offered a balanced approach for regulating stablecoins that could be replicated in the Clarity Act. Negotiations continue, and both parties are pushing for results this year.
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