In brief
- Treasury Secretary Scott Bessent said crypto firms opposing the Senate’s market structure bill are nihilistic and delusional.
- His remarks follow Coinbase’s decision last month to pull support for the bill over its stablecoin yield provisions.
- Today, Bessent appeared to echo the banking lobby’s concerns about stablecoin yield’s potential impact on deposit flight.
U.S. Treasury Secretary Scott Bessent issued stern words Thursday to crypto stakeholders who think they can live without a market structure bill, stating it’s “impossible to proceed” with regulating crypto in the United States if the legislation does not pass Congress.
“There seems to be a nihilist group in the industry who would prefer no regulation over this…
Feb 05 2026
