U.S. Treasury Secretary: Advancing the Clarity Act will help boost Bitcoin prices

According to DL News, U.S. Treasury Secretary Scott Bessent stated in an interview with CNBC that advancing the long-stalled Clarity Act and other cryptocurrency legislation will help stabilize the currently weak market and restore investor confidence.

Bessent pointed out that Bitcoin has a history of volatility, but some of the current fluctuations are "self-inflicted." He mentioned that a group of Democrats hopes to work with Republicans to advance the market structure bill, but some cryptocurrency companies have been obstructing this effort. He stated that providing clarity for the Clarity Act during a time of historic market sell-offs would bring great comfort to the market, and it is crucial to complete this work as soon as possible. The cryptocurrency industry and the banking sector must reach an agreement on the market structure bill by March 1. Bessent noted that there is a lot of innovation in cryptocurrency and its derivative fields like blockchain and DeFi, and the bill should be pushed for submission to the president for signing in the spring.