- Bessent criticized Coinbase’s stance on the CLARITY Act, saying delaying legislation undermines long-sought regulatory certainty.
- He urged compromise, rejecting claims that no bill is better than a flawed one as crypto rules remain stalled in the Senate.
- Stablecoin yield and Fed “skinny” accounts dominate renewed White House talks between banks, crypto firms, and regulators.
U.S. Treasury Secretary Scott Bessent criticized Coinbase’s opposition to the CLARITY Act ahead of a White House crypto meeting today. Speaking on FOX News, Bessent said the stalled bill threatens regulatory certainty the industry has sought for years. His remarks target comments from Coinbase CEO Brian Armstrong as talks resume between crypto firms and banks.
Bessent Calls for Compromise on Stalled Crypto Bill
During the FOX News interview, Bessent urged all parties to seek a middle-ground solution. He stressed that advancing the CLARITY Act remains critical at this moment. According to Bessent, the legislation must move forward to provide clear rules for digital assets.
He directly addressed comments from Coinbase CEO Brian Armstrong. Armstrong previously said having no bill was preferable to passing a flawed one. However, Bessent rejected that view and described such resistance as unproductive.
“We’ve got a few recalcitrant actors,” Bessent said during the interview. He added that crypto cannot move forward without finalized legislation. He also linked the push to former President Donald Trump’s stated goal of making the U.S. the “crypto capital of the world.”
White House Meeting Rekindles Industry Negotiations
Bessent’s comments came before the second White House meeting scheduled for today. Crypto firms and major banks are set to revisit unresolved issues around the CLARITY Act. The first meeting, held last week, ended without a specific agreement.
Notably, today’s talks will again focus on stablecoin-related provisions. Lawmakers and industry representatives continue to debate whether crypto firms should pay yield to customers. That disagreement remains central to the Senate delay.
According to the current agenda, the meeting aims to break the legislative impasse. A resolution could allow the Senate Banking Committee to resume its markup process.
Fed ‘Skinny’ Accounts Add Pressure to Talks
Alongside the CLARITY Act, the Federal Reserve’s “skinny” master account proposal remains contentious. The accounts would grant fintech firms limited access to Fed payment systems. However, banks and crypto firms remain divided on the issue.
As stablecoin yield dominates discussions, the Fed proposal continues to complicate negotiations. The overlap between these issues has intensified tensions. For now, discussions remain ongoing as parties attempt to align positions before legislative movement resumes.