Passing the CLARITY crypto structure bill could improve market sentiment amid the ongoing downturn, according to United States Treasury Secretary Scott Bessent.

The stalling of the CLARITY bill over concerns voiced by crypto industry executives has negatively impacted the industry, Bessent told CNBC on Friday. He said:

“In a time when we are having one of these historically volatile sell-offs, I think some clarity on the CLARITY bill would give great comfort to the market, and we could move forward from there. 

I think if the Democrats were to take the House, which is far from my best case, then the prospects of getting a deal done will just fall apart,” Bessent continued.

He said that getting the bill passed “as soon as possible”…