WASHINGTON, April 9, 2026 — Scott Bessent urged Congress to pass legislation establishing a federal regulatory framework for digital assets, writing that regulatory uncertainty is driving crypto development and investment outside the United States, according to Reuters.
In an op-ed published in The Wall Street Journal, Bessent said the absence of clear rules for digital asset markets has had “predictable consequences,” including the relocation of activity to jurisdictions with established regulatory regimes.
Regulatory clarity framed as competitiveness issue
Bessent wrote that a growing share of crypto development has moved to jurisdictions such as Abu Dhabi and Singapore, where firms have clearer guidance on registration requirements and operational standards.
“The regulatory framework for digital asset markets is unclear,” Bessent wrote, adding that the benefits of operating in the United States “rarely outweighed the risks” under current conditions.
Clarity Act cited as legislative path forward
Bessent urged lawmakers to advance a crypto market structure bill known as the Clarity Act, which seeks to establish federal rules governing digital assets.
Legislative progress and policy tensions
The U.S. House of Representatives passed a version of the bill in July 2025. Efforts to advance the legislation have faced delays amid disagreements between banking and cryptocurrency industry stakeholders over provisions related to interest and rewards associated with stablecoins.
Bessent wrote that passage of the bill would support the development of digital asset markets within the United States.
