Bessent Presses Senate on Clarity Act, Labels Resistant Crypto Leaders ‘Nihilists’

Treasury Secretary Scott Bessent slammed crypto executives resisting the Clarity Act as “nihilists” and called on the Senate to move the stalled market structure bill to markup before midterms squeeze the legislative calendar.

U.S. Treasury Secretary Scott Bessent publicly called out crypto executives still blocking passage of the Digital Asset Market Clarity Act, labeling them “nihilists” who prefer no regulation over the existing bill. The remarks came via a Wall Street Journal op-ed published Wednesday and testimony before the Senate Banking Committee on Thursday.

Bessent argued that the GENIUS Act — signed into law by President Trump last year to regulate stablecoins — proved legislative progress is possible, and that the Clarity Act is the necessary next step. “Congress needs only to finish the job,” he wrote, warning that senate floor time is scarce. 

This story is an excerpt from the Unchained Daily newsletter.

The bill remains stuck on two fronts. The most prominent dispute is between crypto companies and the banking industry over whether stablecoin holders can earn yield on their holdings — a provision banks warn could trigger deposit flight. A bipartisan compromise proposed last month by Senators Tillis and Alsobrooks bans passive yield while allowing activity-based rewards, but it has yet to command broad support. The second obstacle: several pro-crypto Senate Democrats insist that Trump’s personal crypto ventures must be prohibited before they vote yes — a demand the White House has rejected.

With the global crypto market at $3 trillion and nearly one in six Americans holding digital assets, Bessent framed the legislation as a competitive necessity. Crypto development has been relocating to Abu Dhabi and Singapore, he warned. If the bill does not reach the Senate floor by May, November’s midterm election cycle may crowd out major legislative votes entirely.