Bessent: If stablecoins harm community banks, new authorities will be used to protect them.

BlockBeats news, September 15 — U.S. Treasury Secretary Bessent stated that the CLARITY Act is crucial to ensuring the United States wins the global competition in new technologies. Congress previously passed the GENIUS Act, one purpose of which was to ensure that stablecoins, as financial infrastructure, are built and developed in the United States.

Bessent said the U.S. government will simultaneously promote the development of digital technology and formulate appropriate regulatory rules for community banks, so that both industries can jointly promote U.S. economic growth. The final draft of the CLARITY Act grants the Treasury Secretary additional authority to take action when stablecoins trigger deposit outflows and harm community banks.

He emphasized that if stablecoins cause harm to community banks, he will not hesitate to use relevant tools to protect them. Community banks are crucial to the U.S. economy and real economic growth, and "economic security is national security."