US Treasury Secretary Bessenter: Banking and crypto sectors may eventually launch similar products.

 U.S. Treasury Secretary Scott Baesent told Congress that traditional banking and financial products and services in the crypto sector may achieve deeper integration in the future.

This Thursday, Baesent attended a Senate Banking Committee hearing, where Republican Senator Cynthia Lummis asked him whether traditional banks and the crypto sector are expected to launch similar financial products in the future.

Baesent responded, "I believe that given time, this idea will eventually come true. In fact, we are working with small and community banks to explore feasible ways for them to participate in this digital asset revolution."

Baesent emphasized that if the crypto industry lacks clear regulatory rules, relevant development is "out of the question," and called on the crypto industry to support the currently submitted legislation to Congress, named the "CLARITY Act," related to the structure of the crypto market.

He said, "We must push for the CLARITY Act to take effect. Any market participants opposing this bill can go develop in El Salvador."

Baesent stated, "We need to introduce safe, sound, and prudent operational guidelines and regulatory systems from the U.S. government for the crypto industry, while also preserving the innovation freedom of the crypto industry itself. I believe all parties are currently working to find a balance between these two."