The cryptocurrency market has remained highly volatile, with Bitcoin and Ethereum trading well below the record levels reached last year.

However, U.S. Treasury Secretary Scott Bessent said the successful passage of the CLARITY Act (also known as a crypto market structure bill) could help stabilize market conditions.

“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,” Bessent told CNBC on Friday.

He emphasized the importance of advancing the legislation quickly, stating that it should be passed and delivered to U.S. President…