Banks and Crypto Could Soon Offer the Same Products

Crypto News Regulation

Scott Bessent Says Banks and Crypto Could Soon Offer the Same Products

Written by Aaron S.,

Editor-In-Chief

Last Updated: February 06, 2026

Key Takeaways

Scott Bessent said banks and cryptocurrency firms may offer similar products once lawmakers create clear digital asset rules;
He urged support for the CLARITY Act because he sees strong regulation and room for innovation as a required balance;
He warned that unstable deposits hurt banks and said debate on stablecoin yields keeps the Senate bill from moving forward.

Stop overpaying - start transferring money with Ogvio. Sign up, invite friends & grab Rewards now! 🎁

Scott Bessent Says Banks and Crypto Could Soon Offer the Same Products

BITDEGREE IN YOUR SOCIAL FEED

US Treasury Secretary Scott Bessent told lawmakers that traditional banking and crypto services may become more alike in the years ahead.

Bessent said this could happen once clear rules are in place for digital assets. He spoke at a Senate Banking Committee hearing on February 5.

Senator Cynthia Lummis asked whether the industry might reach a point where banks and crypto companies offer similar products.

What are Stablecoins, Altcoins & Wrapped Coins Explained!

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

Bessent replied, “I think that can happen over time", and explained that the Treasury has already spoken with small and community banks about ways they could take part in the digital asset industry.

He stressed that progress is difficult without a firm legal framework. He encouraged the industry to support the CLARITY Act, a crypto market structure bill now in Congress.

Bessent said the goal is to combine government oversight with room for innovation. He noted:

We’ve got to bring safe, safe, sound, and smart practices and the oversight of the US government, but also allow for the freedom that is crypto.

The market structure bill remains stalled in the Senate. Lawmakers from both parties continue to disagree on what should be included. One major point of debate involves stablecoin yields.

Bessent warned that unstable deposits pose risks for banks. He called deposit swings “very undesirable” because steady funding allows banks to lend to their communities.

Recently, White House officials met with crypto and banking groups to discuss stablecoin yields and the CLARITY Act. What did they say? Read the full story.