US Treasury Secretary Scott Bessent stated that the approval of the Clarity Act would bring stability to the cryptocurrency market and reduce price volatility in Bitcoin and other cryptocurrencies. The Clarity Act is a proposed legislation aimed at providing legal clarity and improving regulation of cryptocurrencies. The crypto market, particularly Bitcoin, has experienced significant fluctuations in recent years, causing investor uncertainty. Implementing clear regulatory frameworks through this legislation could protect the market from excessive risks and restore investor confidence. The act will clarify the legal status of cryptocurrencies, enhancing transparency in digital asset trading and investment. Additionally, it will introduce important measures for monitoring cryptocurrencies, establishing their legal recognition, and protecting consumers. The US interest in regulating cryptocurrencies signals that digital crypto assets are expected to play a more prominent role in the future financial system. This will not only stabilize the market but also increase the influence of US policies in the global financial system. However, political and economic factors could affect the legislative approval process, potentially causing delays or modifications. Nonetheless, the implementation of the Clarity Act is viewed as a positive step toward long-term stability and growth in the cryptocurrency market.
Source: decrypt
