Bessent says US will win digital assets as Clarity Act stalls
Treasury Secretary Scott Bessent says US digital asset leadership can back the dollar, and that Treasury may act on crypto rules without Congress.
The facts
- According to Bitcoin Magazine, Treasury Secretary Scott Bessent told Ripple's Swell conference that the dollar's power is shifting from a military umbrella to a technological one.
- He said stablecoins could give people in high-inflation countries easier access to dollars. CoinGecko data puts dollar-denominated stablecoins above 98% of the category, while Bessent said above 90%.
- The CLARITY Act failed a Senate procedural vote on September 15, 49 to 50, short of the 60 votes needed. Disputes included ethics provisions and stablecoin yield.
- Bessent said Treasury could work with the SEC and CFTC to close gaps, but the source says he gave no formal plan or timeline. The GENIUS Act framework takes effect January 18, 2027.
Case notes · Danny's take
Why it matters
Washington now treats stablecoins as a tool of dollar power, not just a crypto product. That is the real message behind the speech. But a speech is not a law. Agency action can be reversed by a future administration, and the market-structure bill that would make the rules permanent is still stuck.
For traders
Don't trade the speech. Watch the next move on the CLARITY Act after the midterms, and any concrete SEC and CFTC joint action. Until there is a document with a date on it, treat this as talk.
For builders
The GENIUS Act framework starts on January 18, 2027, so stablecoin issuers and payment builders have a clear date to plan around. For anyone building dollar rails for markets with weak currencies, such as Nigeria, the policy direction is useful. Keep your compliance flexible, because the wider rules are not settled.
Not financial advice. Do your own investigation.
This story was summarised with AI from Bitcoin Magazine's reporting and checked against our editorial policy. Danny's take reflects his views. Disclaimer.
Danny Walter
Founder of Moon Republic, Volt Terminal and Moon Republic Academy. Author of The Market Is a Crime Scene and After the Applause.