Why Congress Is Dragging Its Feet on the $3 Trillion Crypto Party

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So, apparently, U.S. Treasury Secretary Scott Bessent has thrown on his superhero cape and is begging Congress to get its act together and pass the CLARITY Act before the Senate runs out of floor time-because apparently, time waits for no politician.

“Hurry up, people! The CLARITY Act isn’t going to pass itself!”

  • Debates over stablecoin yields are dragging things out because, naturally, bankers are convinced their lending empire is under siege.

    • In a very formal op-ed for The Wall Street Journal, Bessent reminded everyone that crypto isn’t some niche hobby anymore. With the market ballooning to $3 trillion and one in six Americans proudly hoarding digital assets, this is serious business.

    “Congress, for heaven’s sake, pass the Clarity Act already. Floor time is precious, and TikTok isn’t the only thing disappearing fast,” he pleaded.

    Since the House waved it through last July, the Senate has been mired in debates that sound suspiciously like bankers whispering, “What if people stop giving us their money?”

    Stablecoin yield fans argue that without shiny incentives, users might vanish and innovation would crawl. Bankers, ever the party poopers, worry it will suck deposits away and cramp lending capacity.

    Enter the White House economists, who did some number crunching and discovered banning yields could cost users a staggering $800 million a year. Meanwhile, banks would see a laughably tiny $2.1 billion bump-just 0.02% of the $12 trillion lending market. Cue the tiny violin.

    Even President Donald Trump weighed in, warning that if Congress drags its feet, innovation will scamper off to China. He also accused banks of treating the CLARITY Act like a kidnapped hostage, threatening to derail a so-called “powerful Crypto Agenda.”

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    2026-04-09 13:47