Bessent: Treasury to Drive Crypto Regulation With SEC, CFTC

U.S. Treasury Secretary Bessent said on October 28 (UTC+8) at the Ripple Swell conference that Congress failed to pass the CLARITY Act, which was disappointing. The Treasury still has "significant authority" to work with the SEC and CFTC through regulatory actions to advance a crypto regulatory framework, he said, calling both agencies "excellent partners." Bessent said the CLARITY Act could have prevented a recurrence of debanking, though regulatory best practices and protective measures can still avoid such situations. He also said stablecoins will increase demand for the U.S. dollar and U.S. Treasuries, making them an important funding source for the U.S. Treasury. (Source: ODAILY)