Will the Line Between Banks and Crypto Blur if the U.S. Clarity Act Is Passed
Will the Line Between Banks and Crypto Blur if the U.S. Clarity Act Is Passed
The head of the U.S. Treasury publicly suggested that the boundaries between traditional finance and the cryptocurrency industry could gradually fade, signaling the potential arrival of an era in which banks and crypto firms offer the same financial products.
According to investment news outlet FXStreet on February 6 (local time), U.S. Treasury Secretary Scott Bessent testified before the Senate Banking Committee that traditional banks and the crypto industry could, over the long term, provide similar financial products and services. “Over time, that is entirely possible,” he said, adding that discussions are underway to enable regional and community banks to participate in digital asset innovation.
Bessent emphasized that a clear regulatory framework is essential for integrating the crypto industry into the formal financial system. Referring to the CLARITY Act, a U.S. crypto market structure bill currently pending in Congress, he argued that industry development would be impossible without it. He also made a blunt remark toward market participants who reject regulation, saying, “Then they should go to El Salvador.”
He further stated that while allowing free innovation in crypto, it is necessary to introduce safe and sound financial practices under U.S. government oversight. Bessent explained that “a process is underway to find a balance between crypto freedom and the stability of the financial system.”
Deposit volatility at banks was another major issue addressed during the hearing. Bessent said that deposit volatility related to stablecoins is “highly undesirable,” stressing that deposit stability is a core factor sustaining banks’ lending functions and local financial ecosystems. He noted that the government is continually reviewing measures to minimize deposit volatility.
Meanwhile, the CLARITY Act has faced delays as bipartisan discussions in the Senate Banking Committee have reached an impasse. Some lawmakers attempted to add restrictions on offering interest on stablecoins, prompting pushback from crypto companies. More recently, compromise efforts have emerged, including proposals to give community banks a larger role within stablecoin systems.
*Disclaimer: This article is for investment reference only, and no responsibility is assumed for investment losses based on it. The content should be interpreted solely for informational purposes.*
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