In a timely intervention amid plunging cryptocurrency prices, U.S. Treasury Secretary Scott Bessent has called for swift passage of the CLARITY Act, stating it would provide “great comfort to the market” during a period of intense volatility.
Speaking on CNBC on February 13, 2026, Bessent emphasized the urgency of establishing clear federal rules for digital assets. “Some clarity on the Clarity bill would give great comfort to the market,” he said, noting that delays in the legislation are exacerbating investor uncertainty at a particularly vulnerable time.
The comments come as Bitcoin and the broader crypto market endure a sharp downturn. Bitcoin, which reached record highs above $100,000 following the 2024 U.S. election, has since fallen dramatically—reports indicate a drop of roughly 50% from its October 2025 peak, with prices hovering in the $60,000 range amid a historic sell-off.
Bessent attributed part of the current turbulence to “self-induced” factors within the industry itself. He accused certain cryptocurrency firms of actively blocking the bipartisan legislation, warning that such opposition could jeopardize the bill’s chances if delayed beyond the spring legislative window.
The CLARITY Act, formally known as the Digital Asset Market Clarity Act, aims to create a comprehensive regulatory framework for cryptocurrencies. Key provisions include distinguishing between digital assets classified as commodities (under the Commodity Futures Trading Commission) and those as securities (under the Securities and Exchange Commission). Proponents argue this division would reduce regulatory overlap, foster innovation, and enhance investor protections—ultimately positioning the U.S. as a global leader in crypto.
Bessent expressed optimism about bipartisan support in Congress, stating there is a working group of Democrats and Republicans committed to advancing the bill. “It’s very important to get this done this spring,” he urged, highlighting the risk of political shifts after midterm elections potentially derailing progress.
Industry reactions have been mixed. While some crypto advocates welcome clearer rules to attract institutional investment, others—particularly major players like Coinbase—have raised concerns over specific provisions, contributing to the deadlock.
If passed, the CLARITY Act could mark a turning point for the sector, providing the regulatory certainty many believe is essential for long-term growth. Bessent’s remarks signal strong administration backing, potentially boosting market sentiment as lawmakers reconvene.
As the crypto winter deepens, all eyes are on Congress. Passage of the bill could indeed offer the “comfort” Bessent describes, helping stabilize prices and restore confidence in digital assets.