U.S. Treasury Secretary Scott Bessent stated at the Ripple Swell conference that while Congress's failure to pass the CLARITY Act is disappointing, the Treasury will leverage its convening power to advance a crypto regulatory framework through agency action with the SEC and CFTC. Bessent described the SEC and CFTC as "great partners" in this effort, noting that the CLARITY Act could have prevented a repeat of "debanking," but such risks can still be mitigated by establishing regulatory best practices and protection mechanisms. He emphasized that stablecoins will expand demand for the U.S. dollar and Treasuries, becoming an important funding source for the Treasury.