The US government isn’t waiting for Congress to settle the debate over cryptocurrency regulation.
Speaking at Ripple’s Swell conference in New York on October 27, Treasury Secretary Scott Bessent outlined how federal regulators could move forward after the CLARITY Act failed to advance in the Senate.
His proposal involves closer cooperation between the Treasury Department, the Securities and Exchange Commission (SEC), and the Commodity Futures Trading Commission (CFTC).
For crypto companies still waiting for clearer operating rules, the message was encouraging. Washington wants to keep moving. The question is how much regulators can accomplish without new legislation.
TL;DR
- Treasury Secretary Scott Bessent plans to coordinate with the SEC and CFTC following the CLARITY Act’s failure in the Senate.
- Bessent also highlighted stablecoins as an important tool for strengthening the US dollar and supporting demand for Treasury securities.
- We expect regulatory coordination to continue, although agency-led rules may not provide the same certainty as legislation.
Bessent Outlines A New Approach To Crypto Regulation
Bessent’s appearance at Ripple Swell came at a difficult moment for US cryptocurrency policy.
The CLARITY Act, designed to establish clearer rules for digital asset markets, failed to advance in the Senate on September 15.
The procedural vote ended 49–50, leaving the legislation short of the support needed to proceed.
The bill was intended to address a longstanding problem: determining which federal regulator should oversee different types of cryptocurrencies and related trading activities.
Without that framework, businesses face continued uncertainty over compliance requirements.
Bessent suggested the Treasury could use its existing authority to bring regulators together and develop practical safeguards.
That doesn’t mean the administration can simply replace the legislation. Federal agencies must still operate within the powers granted to them by Congress.
But we may see more coordinated guidance and rulemaking while lawmakers consider their next steps.
SEC And CFTC Cooperation Takes Center Stage
The relationship between the SEC and CFTC has been one of the biggest challenges in American crypto regulation.
Both agencies oversee important parts of financial markets, but their responsibilities can overlap when digital assets are involved.
For companies, that overlap can create uncertainty around registration, trading, custody, and compliance.
Bessent described both regulators as important partners in addressing the legislative gap.
He also raised concerns about crypto businesses losing access to traditional banking services.
The Treasury’s proposed approach could involve clearer regulatory expectations and safeguards against inappropriate financial exclusion.
We see potential value in that coordination, particularly for companies operating across several financial markets.
Still, agency guidance can change under future administrations. A law passed by Congress would generally offer a more durable foundation.
Readers following cryptocurrency regulation and industry developments will recognize how important that distinction remains.
Stablecoins Become Part Of The Dollar Strategy
Bessent also used the conference to explain why stablecoins matter beyond cryptocurrency trading.
He noted that more than 90% of stablecoins are pegged to the US dollar.
Many issuers hold US Treasury securities among the assets backing their tokens, creating a connection between stablecoin adoption and demand for government debt.
As the stablecoin market expands, that relationship could become increasingly important.
Bessent presented digital assets as part of a broader technological competition involving the United States and China.
His argument was that financial technology could help preserve the dollar’s international position.
It’s an interesting shift in how Washington discusses crypto.
Rather than treating stablecoins solely as a regulatory concern, policymakers are increasingly considering their potential role in payments and international finance.
However, greater stablecoin adoption also creates questions about reserve transparency, financial stability, and consumer protection.
Ripple Swell Highlights Growing Institutional Interest
Bessent’s remarks arrived during a busy period for Ripple.
The company used its Swell conference to highlight new institutional partnerships and developments involving its financial infrastructure.
Among the announcements were expanded relationships with Robinhood and BNY, alongside confirmation of final approval for Ripple’s national trust bank charter.
These developments reflect Ripple’s efforts to build closer connections with established financial institutions.
For the wider blockchain industry, they also demonstrate how digital asset companies are moving beyond their original focus on cryptocurrency trading.
Payments, custody, tokenization, and treasury management are becoming increasingly important areas of competition.
The regulatory environment will help determine how quickly those services can expand.
What Happens Next For US Crypto Rules?
The immediate priority is whether federal agencies can translate Bessent’s comments into workable policies.
We will be watching for coordinated SEC and CFTC guidance, clearer treatment of digital assets, and developments concerning banking access.
Congress could also revisit market-structure legislation, although the political disagreements that blocked the CLARITY Act have not disappeared.
In Ripple’s own response to the Senate setback, the company argued that clear national rules remain essential for consumers and the industry.
That remains the central issue.
Regulatory cooperation may help businesses navigate the current environment, but it cannot automatically resolve every question that legislation was supposed to address.
For now, Bessent’s remarks suggest that the administration intends to keep cryptocurrency policy moving despite the congressional setback.
Whether that produces lasting clarity will depend on what regulators do next.
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