U.S. Treasury Secretary Scott Bessent called crypto leaders resisting the Clarity Act “nihilists” as the bill remains stalled over stablecoin yield disputes with midterm elections threatening passage.
The Nihilists Attack
“A growing share of crypto development has relocated to places with clear rules, such as Abu Dhabi and Singapore”, Bessent wrote in The Wall Street Journal.
Though industry nihilists may argue otherwise, there is one way to give developers and entrepreneurs the comfort to reshore: durable law.
“Congress has spent the better part of half a decade trying to pass a framework to onshore the future of finance”, Bessent added.
The Senate Banking Committee must hold a markup and send the CLARITY Act to President Trump’s desk.
The Stablecoin Yield Standoff
The most prominent dispute pits certain crypto companies against the banking industry over the payment of yield on stablecoin holdings to customers.