The cryptocurrency market has swung sharply in recent weeks, with both Bitcoin and Ethereum trading well below the record levels they reached last year.

Key Takeaways:

• Bessent says the proposed Clarity Act could reduce uncertainty and stabilize crypto markets.

• He attributes part of Bitcoin’s recent drop to industry resistance to regulation.

• The bill faces political hurdles and opposition from some firms despite a 62% passage outlook.

However, US Treasury Secretary Scott Bessent believes a pending regulatory framework could help steady sentiment.

Speaking to CNBC on Friday, Bessent said passage of the proposed Clarity Act, a market structure bill aimed at defining oversight of digital assets, would ease uncertainty…