U.S. Treasury: Congress Needs to Pass Crypto Legislation This Spring 

U.S. Treasury Secretary Scott Bessent stated on Friday that Congress must swiftly pass crypto legislation, specifically the proposed “Clarity Act,” to establish clear federal rules for digital assets and present it to President Donald Trump for signature this spring. Bessent believes this legislation would provide market comfort during volatility and noted that while some crypto firms oppose it, a bipartisan coalition supports the bill, though its momentum might fade if Democrats win the House in November. He cited recent market volatility as underscoring the urgency for legal certainty, blaming the current legislative stalemate on resistant factions in both the crypto industry and traditional finance, with disputes centering on stablecoin yield restrictions and oversight. During a Senate hearing, Bessent also supported embedding digital asset innovation within the U.S. economy under smart oversight, while warning that crypto legislation volatility could harm community banks' lending capacity. Furthermore, Senator Cynthia Lummis discussed a potential de minimis Bitcoin tax exemption, to which Bessent offered Treasury engagement.

(Source：Bitcoin Magazine)