US Treasury Secretary Scott Baesert emphasized the urgent need for Congress to enact cryptocurrency regulations to establish clear federal rules for digital assets. Speaking on CNBC, Baesert urged lawmakers to send the proposed “Clarity Act” to President Donald Trump for signature this spring, highlighting that the legislation would provide investors with much-needed stability amid market volatility. He noted the government’s efforts to create a coherent regulatory framework for the crypto sector despite some opposition from certain crypto firms. Baesert warned that if Democrats gain control of the House in November, the bipartisan momentum behind the bill could slow down.
Addressing Fox News, Baesert pointed out that recent market uncertainties have underscored the necessity for clear rules to regulate the US crypto market effectively. He acknowledged ongoing disagreements between the crypto industry and traditional finance, particularly regarding restrictions and oversight of stablecoin yields, which have complicated the legislative process. Nonetheless, the Treasury views the bill as a prudent approach to integrating digital assets into the national economy safely.
During a Senate committee hearing focused on China’s challenge to US financial leadership through blockchain and digital assets, Baesert stated that Treasury has found no evidence of China using gold-linked digital devices but remains vigilant about activities in Hong Kong. Senator Cynthia Lummis raised the possibility of tax exemptions for small Bitcoin transactions and requested clarity on capital gains calculations, to which Baesert offered cooperation from the Treasury’s tax policy office. The hearing followed Baesert’s refusal to direct government support for Bitcoin or allow banks to hold crypto, confirming that seized Bitcoins will be securely stored under a strategic approach rather than sold.
Source: bitcoinmagazine
