Treasury Warns Crypto Nihilists: Clarity Act Passage Imperative for U.S. Regulation — BTC, XRP, LTC

U.S. Treasury Secretary Scott Bessent warned Thursday that market participants opposing passage of the Clarity Act should seek regulation elsewhere, stating U.S. crypto regulation cannot proceed without the legislation. The Treasury called for the bill’s urgent passage amid ongoing negotiations after Coinbase withdrew support in late 2025, citing concerns over a badly drafted bill. Senate Banking Committee testimony highlighted deep partisan divides: the banking lobby fears stablecoin interest provisions could create deposit volatility, threatening small banks. Sen. Cynthia Lummis (R-WY) pressed on deposit stability, while Sen. Mark Warner (D-VA) described the process as “crypto hell.” The Clarity Act, if passed, would establish a comprehensive regulatory framework for cryptocurrencies and tokens, including staking and interest-bearing stablecoins, but its fate remains uncertain pending final negotiations.