US Treasury Secretary "If you hate regulation, then leave" warns opponents of the market structure bill
US Treasury Secretary "If you hate regulation, then leave" warns opponents of the market structure bill
As the U.S. Treasury secretary fiercely criticized forces obstructing cryptocurrency legislation by labeling them nihilists, attention is focused on whether a dramatic compromise over stablecoin interest payments will emerge at a White House–led public-private joint meeting.
According to crypto-focused media outlet CoinGape on February 9 (local time), U.S. Treasury Secretary Scott Bessent delivered sharp criticism at a recent White House meeting on digital assets, targeting some industry figures who oppose the U.S. crypto market structure bill known as CLARITY. Secretary Bessent labeled those who prefer no regulation at all over well-crafted regulation as nihilists, adding pointedly that anyone who wants to operate without rules should move to El Salvador. This is widely interpreted as a direct rebuke of Coinbase CEO Brian Armstrong, who withdrew his support for the bill last month in protest of provisions banning interest payments on stablecoins.
The biggest sticking point blocking passage of the U.S. crypto market structure bill is whether interest or rewards should be allowed for stablecoin holders. Armstrong and other digital asset industry leaders argue that banning stablecoin interest undermines fair competition and maintain that they cannot accept the bill without revisions to the regulatory proposal. In contrast, traditional banking institutions are pushing strongly for a strict ban, warning that allowing stablecoin yields of 3% to 5% could trigger a large-scale outflow of bank deposits and threaten the stability of the financial system.
As the standoff between the two sides led to legislative delays, the White House issued what amounts to an ultimatum, instructing participants to reach a technical compromise by the end of this month. Patrick Witt, the White House presidential adviser on digital assets, stressed at a meeting attended by representatives from banks and the crypto industry that a compromise on the stablecoin rewards issue must be reached. With the Senate Banking Committee vote having collapsed last month following Coinbase’s abrupt withdrawal of support, this meeting marks direct White House mediation, drawing even greater attention to its outcome.
Secretary Bessent also reiterated the urgency of passing the U.S. crypto market structure bill during a Senate Banking Committee hearing, calling on the industry to adopt a more constructive stance. He noted that the government fully recognizes concerns among community banks over deposit volatility and expressed confidence that technical issues such as yields and compensation can be adequately coordinated. However, he made clear that issues related to national security risks and the preservation of law enforcement authority in decentralized finance (DeFi) are non-negotiable principles, drawing a firm line against excessive exemptions that would undermine the essence of the legislation.
Even within the crypto industry, opinions on the bill are divided, creating a complex landscape. Some issuers, such as Tether, support the current draft that includes a ban on interest payments, while Coinbase maintains a hardline position that no bill is better than a bad one. The White House views passage of this legislation as essential for the United States to establish itself as a global leader in digital assets, and whether a compromise is reached by the end of February is expected to be a decisive turning point for the fate of the U.S. crypto market structure bill.
*Disclaimer: This article is provided for informational purposes only and does not constitute investment advice. The publisher accepts no responsibility for any investment losses incurred based on this content.*
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