- U.S. Treasury Secretary Scott Bessent criticized crypto industry figures resisting a major market structure bill, calling some “nihilist.”
- Democratic Senator Mark Warner aligned with Bessent, emphasizing national security and DeFi regulation as his top concerns.
- The Digital Asset Market Clarity Act is stalled by industry lobbying and partisan disagreement on key provisions.
- Bessent argued the industry cannot advance in the U.S. without the bill’s passage.
U.S. Treasury Secretary Scott Bessent fired warning shots at crypto insiders during a Senate Banking Committee hearing on Thursday, aligning with Democratic Senator Mark Warner on regulatory urgency. He expressed frustration with critics of the Digital Asset Market Clarity Act, stating, “There seems to be a nihilist group in the industry who prefers no regulation over this very good regulation.”
“Amen, brother,” Warner responded, urging Bessent to “weigh in” on the negotiations. Consequently, the Treasury Secretary promised to do so “early and often,” underscoring his commitment to the legislative effort. Industry pushback, notably from Coinbase CEO Brian Armstrong, has stalled momentum over stablecoin yield and DeFi rules.
Warner revealed a further meeting on the bill is expected within days, with Bessent likely invited to participate. He stated his primary focus remains on closing national security “gaps” related to decentralized finance. However, he expressed optimism that other technical disputes could be resolved.
Bessent argued the U.S. crypto sector cannot progress without the bill’s passage, bluntly telling resisters to “move to El salvador.” He cited the earlier GENIUS Act on stablecoins as a model for the current negotiations. Meanwhile, Warner humorously lamented, “I feel like I’m in crypto hell,” but affirmed lawmakers are “working our tail off” to finalize the legislation.
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