Bessent outlines Treasury role in crypto rules after CLARITY Act stalls

What happened

Treasury Secretary Scott Bessent used an appearance at Ripple's Swell conference in New York on Tuesday to say Washington would keep working on digital-asset policy even after Congress failed to advance market-structure legislation. Speaking with Ripple CEO Brad Garlinghouse, Bessent argued that U.S. leadership in crypto and related technology is tied to the dollar's global role, according to Bitcoin Magazine and Bitcoinist. He grouped digital assets with artificial intelligence and semiconductors as areas where the United States and China are competing over infrastructure.

The immediate backdrop is the CLARITY Act, a bill meant to set rules for digital-asset markets and clarify which federal agencies oversee different activities. It failed a Senate procedural vote on Sept. 15 by 49 to 50, short of the 60 votes needed. The reports said disputes included ethics provisions concerning federal officials' crypto interests and stablecoin yield. Bessent called the setback disappointing.

Bessent said Treasury could bring the Securities and Exchange Commission and the Commodity Futures Trading Commission together to close regulatory gaps. He said Treasury has significant convening power and described the agencies as strong partners. He also said regulators could establish best practices and guardrails to stop banks from cutting off crypto firms, a practice known as debanking. Bitcoin Magazine noted that the remarks did not include a formal plan, working group or timeline.

Why it matters

Without legislation, crypto businesses still face uncertainty over registration, trading, custody and compliance, especially where SEC and CFTC responsibilities overlap. Coordination among agencies may produce clearer guidance within existing authority, but it cannot substitute for a statute. Agency policy can also be reversed by a later administration, making it a less durable foundation than a law passed by Congress.

Bessent also tied stablecoins to U.S. financial interests. He said more than 90% of stablecoins are pegged to the dollar; CoinGecko data cited by Bitcoin Magazine puts the share above 98%, with Tether's USDT and Circle's USDC the largest. Because issuers often hold Treasury securities as reserves, wider stablecoin use could support demand for government debt, and Bessent said dollar tokens could give people in countries with high inflation or volatile currencies easier access to dollars. He suggested last year that stablecoins could generate $2 trillion in short-term demand for Treasuries and bills, though that depends on supply growth, reserve rules and issuer choices. Greater adoption also raises questions about reserve transparency, financial stability and consumer protection.

What the data shows

The CLARITY Act's procedural vote was 49 to 50, with 60 required. Bessent put dollar-denominated stablecoins above 90% of the market, while CoinGecko data cited in the reports put the figure above 98%. The Office of the Comptroller of the Currency has finalized its rule implementing the GENIUS Act, which sets requirements for payment stablecoin issuers and takes effect Jan. 18, 2027.

Background

The GENIUS Act established a federal framework for payment stablecoin issuers, and the Comptroller of the Currency has completed its implementing rule. The CLARITY Act was intended to address the broader market-structure question that the stablecoin law does not resolve: how digital assets and related trading activities should be divided among federal regulators. After the Senate vote, Ripple said clear national rules remain essential for consumers and the industry, according to Bitcoinist.

What is still unclear

It remains unclear how far Treasury can push coordination without legislation, what specific guidance the SEC and CFTC might issue, or when any joint work would appear. The political disagreements that stalled the CLARITY Act have not gone away, and Congress has not set a new timetable for market-structure legislation.

What to watch

Watch for coordinated SEC and CFTC guidance, clearer treatment of digital assets and any move on banking access for crypto firms. Also watch whether Congress revisits market-structure legislation and how the GENIUS Act framework is implemented before its January 2027 effective date.

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