U.S. Treasury Secretary Scott Bessent sparked sharp controversy after pointing to “recalcitrant actors” as the forces blocking progress on crypto regulation in Congress.
Bessent indirectly targeted Coinbase, which withdrew its support from the bill known as the CLARITY Act, prompting legislators to postpone a committee vote that had been scheduled for January. In response, Coinbase CEO Brian Armstrong rejected the criticism and directed his own at the banking lobby, which he held responsible for blocking a regulatory framework he considers necessary.
The core conflict centers on the Digital Asset Market Clarity Act, a piece of legislation designed to formally divide oversight of crypto assets between the SEC and the CFTC. Under that framework, spot markets for digital commodities such as Bitcoin would fall under CFTC jurisdiction, while the SEC would retain authority over tokens with securities characteristics.
The proposal also incorporates stablecoin rules and custody standards. The tension among Bessent, Coinbase, and the banking industry makes clear that, despite broad consensus on the need for clearer rules, the details remain a battlefield of sharp disagreements.
Source: https://www.thestreet.com/crypto/policy/coinbase-ceo-slams-bessents-comments-on-stalled-crypto-bill
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