Treasury Secretary criticizes crypto 'nihilists' over Clarity Act

Treasury Secretary Bessent criticized crypto firms opposing the Clarity Act, calling them "nihilists" and suggesting they move to El Salvador if they reject regulation. Lawmakers continue to debate the bill.

U.S. Treasury Secretary Scott Bessent delivered pointed remarks during Senate testimony, criticizing crypto industry participants who oppose the proposed Clarity Act—a bill aimed at establishing a digital assets market structure. Bessent labeled these opponents as a "nihilist group" who prefer no regulation over what he described as "very good regulation." He even suggested that those unwilling to accept new rules should consider relocating to El Salvador. His comments came after Coinbase withdrew support for the bill, disrupting a planned Senate Banking Committee vote. The debate focuses on provisions concerning decentralized finance (DeFi), stablecoin yield rewards, and how tokens are classified as securities. Bessent stressed the importance of passing the Clarity Act to provide regulatory certainty and support economic stability. Lawmakers signaled that further negotiations are expected as they address industry concerns and work to finalize the legislation.