US Treasury Secretary Slams Coinbase Over Opposition to CLARITY Act

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Release Time: 02/10/2026 03:16:15

Summary

US Treasury Secretary Scott Bessent criticized Coinbase as a "recalcitrant participant" for opposing the CLARITY Act, citing CFT concerns during a Senate Banking Committee hearing. The bill seeks to clarify crypto oversight between the SEC and CFTC. Bessent stressed the need for passage, while Coinbase warned it might hurt liquidity and crypto markets, especially stablecoin incentives. The debate highlights industry splits over regulatory direction.

BlockBeats news, on February 10, U.S. Treasury Secretary Scott Bessent recently publicly criticized Coinbase on Fox TV as a "recalcitrant participant," because Coinbase opposes the CLARITY Act. Bessent emphasized multiple times during last week's Senate Banking Committee hearing that the CLARITY Act must be passed, using strong language against opponents.

It is reported that the CLARITY Act aims to clarify the regulatory responsibilities for crypto assets, with the SEC and CFTC overseeing different areas respectively, but Coinbase is concerned that it may restrict business models such as stablecoin rewards, leading to divisions within the industry.

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