Treasury Chief Tells Crypto 'Nihilists' to Move to El Salvador, Echoes Bank Concerns
Treasury Chief Scott Bessent told senators Thursday that crypto “nihilists” who refuse to accept regulatory clarity should consider relocating to jurisdictions such as El Salvador, a comment critics say targets firms resisting oversight. During his Senate testimony he also echoed concerns raised by the banking lobby about a still-unidentified bill, signaling alignment between the Treasury and traditional financial interests on the need for clearer rules.
Why it matters: the remark underscores a tougher tone from U.S. policymakers toward parts of the crypto sector and could influence how lawmakers shape legislation. Industry stakeholders warn that heavy-handed rhetoric risks pushing innovation offshore, while regulators argue clarity and compliance are necessary to protect consumers and the financial system as debate over the bill continues.