U.S. Treasury Secretary Bessent Says CLARITY Act Is Key to U.S. Tech Competition

U.S. Treasury Secretary Scott Bessent said the CLARITY Act is critical to helping the United States win the global competition in new technologies. According to ChainCatcher, he said the GENIUS Act was passed to ensure that stablecoin infrastructure, which he described as a revolutionary financial technology, is built in the United States. Bessent said protecting the continued health of the U.S. community banking sector has been a consistent focus since he took office. He said the administration’s dual emphasis on promoting new digital technologies and adjusting community bank regulation is key to economic growth, and that the final draft of the CLARITY Act advances that mission by giving the Treasury secretary additional authority to act if deposit outflows change and harm community banks. He added that if stablecoins damage community banks, he would not hesitate to use those tools to ensure they are fully protected. Bessent said community banks are vital to U.S. economic performance and Main Street growth, and that economic security is national security.