Bessent says Treasury will lean on the SEC and CFTC to fill the Clarity Act gap, vowing the US will "win in the digital asset stack"

US Treasury Secretary Scott Bessent said Treasury will use its "convening power" to get the SEC and the CFTC working together on crypto rules, after Congress failed to pass the Clarity Act. Speaking at Ripple's Swell conference in New York on Tuesday, he called the bill's failure a letdown, described the two agencies as great partners, and said "we are going to win in the digital asset stack," according to cryptonews.net.

Bessent also said regulators could set out best practices to stop crypto firms being cut off from banking, and described stablecoins as an important source of funding for the Treasury, per Bitcoin Magazine and cryptonews.net.

The remarks were not a formal plan, and Bitcoin Magazine noted they came with no timeline or working group. InvestingLive pointed to the weak spot in the approach: rules written by regulators can be rewritten by the next ones and can be challenged in court. The Clarity Act stalled on September 15 when a Senate procedural vote ended 49 to 50, 11 votes short of the 60 needed, with disputes over ethics rules and stablecoin yield.

The SEC proposed Regulation Crypto Assets on August 18, according to InvestingLive, and, per the same report, the CFTC has sent its crypto market rules to the White House for review. Rules made that way lack the permanence of an act of Congress, Bitcoin Magazine noted.