Treasury Secretary: Crypto 'Nihilists' Who Say They Don't Need Clarity Act 'Should Move to El Salvador'

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.