Treasury Secretary Bessent Pushes Urgent Crypto Law, Warns “Act Now Before It’s Too Late” 

U.S. Treasury Secretary Scott Bessent is urging Congress to pass legislation on the structure of the crypto market quickly, warning that delays could hurt America’s leadership in digital assets. However, unclear U.S. rules are pushing crypto to hubs like Singapore and Abu Dhabi.

Stablecoin Rewards Debate Slowing Progress

The biggest roadblock to the legislation has been disagreements over stablecoin rewards. Banking groups argue that allowing yield on stablecoins could pull deposits from traditional banks.

Recently, Coinpedia news reported that White House economic analysis suggests the impact would be minimal. Banning stablecoin rewards would increase bank lending by just 0.02%, equal to about $2.1 billion.

Most of that benefit would go to large banks, with limited effect on community lenders.

“Window for Action” Closing

Bessent warned that if Congress fails to act, the U.S. could lose its leadership in digital finance. He noted that unclear rules have already pushed crypto development to places like Singapore and Abu Dhabi, where firms benefit from clearer regulatory frameworks.

He also warned that upcoming election pressures could narrow the window for passing legislation. 

If delays continue, the U.S. risks falling further behind as other countries move faster on crypto regulation.

Trust with CoinPedia:

CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

Investment Disclaimer:

All opinions and insights shared represent the author’s own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.

Sponsored and Advertisements:

Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.