U.S. Treasury Secretary Urges Senate to Enact Crypto Market Structure Bill to Maintain Dollar Dominance

Treasury Secretary Calls for Urgent Crypto Legislation

U.S. Treasury Secretary Scott Bessent urged the Senate on Wednesday to pass comprehensive crypto market structure legislation, emphasizing its critical role in securing America’s financial leadership and preserving the dollar’s status as the world’s reserve currency. Bessent testified before the Senate Appropriations Subcommittee on Financial Services and General Government, which was reviewing President Donald Trump’s Fiscal Year 2027 budget request for the Department of the Treasury.

Leadership in Digital Assets as Economic and Security Priority

During the hearing, Bessent framed U.S. leadership in digital assets as both an economic and national security imperative. He argued that clear regulations would reinforce the dollar’s primacy while bringing cryptocurrency activity under domestic anti-money laundering and know-your-customer frameworks. Bessent stated:

"When the United States leads in best practices, safety and soundness in the financial world — whether it’s our banking system, our securities, or now digital assets — it’s important for the U.S. to lead."

He also highlighted the need for American dominance in payments technology, calling blockchain a "payment rail" where U.S. leadership is both achievable and necessary. Bessent remarked:

"We are the technological leader in the world. We should be the payments leader in the world."

Current Status of Crypto Legislation

The path to a unified crypto market structure law remains fragmented. Key developments include:

• The CLARITY Act: Passed the House in July 2025 by a 294-134 vote and referred to the Senate Banking Committee in September 2025. The bill aims to clarify regulatory frameworks for digital assets.
• The Digital Commodity Intermediaries Act: Advanced by the Senate Agriculture Committee in January 2026 via a party-line vote of 12-11. This bill would expand the Commodity Futures Trading Commission’s (CFTC) authority to regulate digital commodity spot markets.

Before a final bill can reach the president’s desk, the House and Senate versions must be reconciled. The Senate Banking Committee has not yet scheduled its markup, having delayed action to focus on housing legislation. A senator at the hearing acknowledged ongoing efforts to ensure the CFTC is fully staffed and resourced before finalizing any agreement.

Regulatory Uncertainty Drives Crypto Development Overseas

In an April 8 Wall Street Journal op-ed cited during the hearing, Bessent warned that prolonged regulatory uncertainty has pushed crypto innovation to jurisdictions with clearer rules, such as Abu Dhabi and Singapore. He wrote:

"A growing share of crypto development has relocated to places with clear rules."

Bessent emphasized that passing comprehensive legislation is essential to retaining U.S. competitiveness in the global financial system.