U.S. Treasury Secretary Emphasizes the Importance of Cryptocurrency Legislation, 'Regulation Impossible Without It'

On June 6, U.S. Treasury Secretary Scott Bessent testified at a Senate Banking Committee hearing, stating that without the passage of the Cryptocurrency Market Structure Bill, advancing cryptocurrency regulation in the U.S. would be 'impossible'.

Bessent noted that there seems to be a group of nihilists within the industry who prefer no regulation, describing it as 'a very fine regulation' and emphasized the necessity of passing the Clarity Act. 'Those in the market who do not want this should move to El Salvador,' he said with strong words advocating for the bill's passage.

Just weeks ago, Coinbase, the largest cryptocurrency firm in the U.S., suddenly withdrew its support for the bill, causing a crucial vote in the Senate Banking Committee to falter...