Scott Bessent Says Coinbase Is A 'Recalcitrant Actor' Over Clarity Act Opposition

Group 1 - Treasury Secretary Scott Bessent emphasizes the need for swift regulatory clarity in the crypto market due to recent volatility, specifically criticizing Coinbase Global for opposing the proposed Clarity Act [1][4] - Bessent argues that the turbulence in crypto markets has made clear rules more urgent than ever, with the Clarity Act expected to return for markup soon despite some lawmakers' resistance [2] - Bessent expresses confidence that the legislation will pass this spring, citing bipartisan support and the U.S. aim to become the global "crypto capital" under predictable regulation [3] Group 2 - The White House is set to hold a meeting to address tensions between banks and crypto companies, focusing on whether stablecoin issuers should be allowed to pay yield, as part of ongoing negotiations related to the Clarity Act [5] - Major banks, including Bank of America, JPMorgan Chase, and Wells Fargo, are expected to attend the meeting alongside crypto representatives, highlighting the ongoing dialogue between traditional finance and the crypto sector [6] - The Federal Reserve is reviewing public comments and is expected to begin formal rulemaking later this year, with potential regulations targeted for the fourth quarter [7]