Bescent: If stablecoins harm community banks, CLARITY tools will be used

U.S. Treasury Secretary Scott Bessenet stated on social media: The CLARITY Act is crucial for ensuring that the United States wins the global new technology race. This is also the reason Congress passed the GENIUS Act, aimed at ensuring the construction of revolutionary financial technology infrastructure for stablecoins in the United States.

Bessenet noted that ensuring the continued prosperity of the U.S. community banking sector has been a consistent focus since he took office. The government's dual emphasis on promoting the development of new digital technologies and appropriately adjusting community bank regulations is key to driving U.S. economic growth in both sectors. The final draft of the CLARITY Act advances this mission by granting the Treasury Secretary additional powers to take action when changes in the facts of deposit outflows adversely affect community banks.

Bessenet stated: If stablecoins harm community banks, he will not hesitate to use these tools to ensure they are fully protected. Community banks are vital to the performance of the U.S. economy and Main Street growth; economic security is national security, and community banks play an important role in this principle.