U.S. Treasury Official Bessent Labels Crypto Critics 'Nihilists' in Clash Over Market Structure Bill

A senior U.S. Treasury official has sharply criticized opponents of proposed cryptocurrency market regulation. During a recent speech, Graham "Gus" Bessent, Deputy Assistant Secretary for the Financial Stability Oversight Council (FSOC), referred to certain industry voices resisting the Financial Innovation and Technology for the 21st Century Act (FIT21) as "nihilists." Bessent argued that these actors oppose the bill not due to substantive concerns but from a desire to avoid any regulatory framework, which he claims creates risks for consumers and the broader financial system. The FIT21 bill, which has garnered significant attention, aims to establish clearer rules for digital asset markets, including defining regulatory roles for the CFTC and SEC. This public rebuke from a key Treasury figure highlights the escalating tensions between federal regulators and parts of the crypto industry as legislative efforts advance.