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US Treasury Secretary Presses Senate To Pass Crypto Market Structure Legislation
Authored by Micah Zimmerman via BitcoinMagazine.com,
Treasury Secretary Scott Bessent told a Senate panel Wednesday that passing comprehensive crypto legislation is essential to securing U.S. financial leadership and protecting the dollar’s status as the world’s reserve currency, using an appearance before the Senate Appropriations Subcommittee on Financial Services and General Government to amplify a push for legislation that has stalled on Capitol Hill for months.
Bessent testified at a hearing reviewing President Donald Trump’s Fiscal Year 2027 budget request for the Department of the Treasury. During the session, a senator on the Agriculture Committee raised Bessent’s recent Wall Street Journal op-ed on crypto policy, noting support for the market structure bill that cleared the Agriculture panel in January.
“When the United States leads in best practices, safety and soundness in the financial world — whether it’s our banking system, our securities, or now digital assets — it’s important for the U.S. to lead,” Bessent said.
He framed U.S. leadership in digital assets as both an economic and national security imperative, arguing it would reinforce the primacy of the dollar as the global reserve currency and bring cryptocurrency activity under domestic anti-money laundering and know-your-customer frameworks.
JUST IN: 🇺🇸 Treasury Secretary Scott Bessent tells the Senate we need to pass Bitcoin & crypto market structure legislation.
"The US has to lead here. We're the technological leader in the world, we should be the payments leader in the world." pic.twitter.com/1hlfrYeToY
Bessent also characterized digital assets as a critical payments technology, calling blockchain a “payment rail” where American dominance is achievable and necessary.
“We are the technological leader in the world. We should be the payments leader in the world,” he said during the hearing.
Where current crypto legislation standsThe road to a comprehensive crypto market structure law remains fractured.
The Digital Asset Market Clarity Act — commonly known as the CLARITY Act — passed the House in July 2025 by a 294-134 vote and was referred to the Senate Banking Committee that September.
Meanwhile, the Senate Agriculture Committee advanced its own version, the Digital Commodity Intermediaries Act, in a party-line vote of 12-11 in January 2026. That bill would expand the Commodity Futures Trading Commission’s authority to regulate digital commodity spot markets.
The two chambers’ versions must ultimately be reconciled before a final bill can reach the president’s desk. The Senate Banking Committee has not yet scheduled its markup, having delayed action while focused on housing legislation. The senator in the hearing acknowledged ongoing work to ensure the CFTC is fully constituted and adequately resourced before a final deal is reached.
In his April 8 Wall Street Journal opinion piece — referenced in the hearing exchange — Bessent warned that regulatory uncertainty has pushed crypto development to jurisdictions with clear rules, citing Abu Dhabi and Singapore as examples. “A growing share of crypto development has relocated to places with clear rules,” Bessent wrote, adding that “the benefits of domiciling in the U.S. rarely outweighed the risks”.
Wednesday’s testimony reflects a broader strategy by the Trump administration to build on momentum from the GENIUS Act, the stablecoin regulation law signed into law in July 2025.
Bipartisan support remains a central challenge. The Senate Agriculture Committee’s January vote advanced along party lines after months of negotiations between Chair John Boozman (R-Ark.) and ranking Democrat Cory Booker (D-N.J.) failed to produce a deal.
Bessent, in the hearing, said he believed outstanding issues — including CFTC staffing and resources — could be resolved to produce bipartisan agreement, calling that outcome “very, very important.”
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U.S. Deploys Ukrainian Acoustic Sensors, Interceptor Drones At Prince Sultan Air Base
Last month's Iranian drone strike on Prince Sultan Air Base in Saudi Arabia appears to have inflicted a costly toll on U.S. forces in the region. The attack destroyed a U.S. Air Force E-3 Sentry Airborne Warning and Control System aircraft and damaged multiple KC-135 refueling tankers, highlighting a major gap in U.S. air defenses against cheap attack drones.
Nearly a month after the drone strike on Prince Sultan Air Base, and following multiple reports that Ukrainian drone forces had been shifted into the region, Reuters confirmed Wednesday morning that the U.S. has deployed Ukrainian counter-drone technology to defend against Iranian-developed Shahed drones.
At the center of this new security effort to fortify the airspace above Prince Sultan Air Base against low-cost Iranian one-way attack drones is Sky Map, a Ukrainian command-and-control platform used to detect incoming drones. The coordinated response to Shaheds is the use of interceptor drones.
"There have been longstanding gaps in U.S. air and missile defense coverage around the world," said Timothy Walton, a senior fellow at the Washington-based Hudson Institute think tank. "This has been well understood. However, it hasn't been addressed."
Ukrainian drone experts reportedly traveled to the base in recent weeks to train U.S. personnel on Sky Map and the use of interceptor drones.
Sky Fortress, the Ukrainian company behind Sky Map, has been active extensively in the Eastern European theater, with more than 10,000 acoustic sensors deployed to detect Russian drone attacks.
The bigger story here is that Ukraine is emerging as a major dealer of the latest low-cost weapon technology forged through four years of war with Russia:
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Zelensky Goes Full "Lord Of War" As Ukraine Pitches Battle-Tested War Robots To Highest Bidder
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Zelensky's Interceptor Drones Deployed Across Eurasia, Now Shooting Down Iranian Shaheds
Our assessment is that, if we had to get granular, passive acoustic counter-drone detection will become a standard layer of air defense for U.S. military bases, data centers, critical U.S. infrastructure, and government buildings in the years ahead. As cheap attack drones proliferate, adopting passive acoustic sensing systems for early warning will help close the air-defense gap against them. Just wait until these early-detection systems are paired with 'micro' sentry guns and fully automated AI kill chains.
Tyler Durden Wed, 04/22/2026 - 21:45