In a recent interview, US Treasury Secretary Scott Bessent emphasized the urgent need for the Clarity Act, a proposed legislation aimed at establishing a clear regulatory framework for the cryptocurrency market. According to the official information, his comments come amid significant volatility in the crypto space, particularly following a steep decline in Bitcoin's value.
Regulatory Clarity and Market Instability
Bessent pointed out that the lack of regulatory clarity has contributed to the current instability, with Bitcoin experiencing a drop of over 29% in the past month alone. He believes that the passage of the Clarity Act would provide much-needed reassurance to investors and help stabilize the market.
Call to Action for Lawmakers
The Secretary urged lawmakers to prioritize the bill, expressing hope that it could be finalized and presented to the president by this spring. By establishing a clear market structure, Bessent argues, the legislation could foster a more secure environment for both investors and businesses operating within the cryptocurrency sector.
A significant closed-door meeting regarding the Clarity Act Bill took place on February 10, which could greatly influence the cryptocurrency market, particularly for XRP. This initiative aims to establish a clearer regulatory framework, contrasting with the current volatility highlighted by Treasury Secretary Bessent. For more details, see read more.
