PANews reported on February 6th, citing Coindesk, that U.S. Treasury Secretary Scott Bessant made strongly worded remarks at a hearing, criticizing cryptocurrency industry figures who are obstructing the long-awaited Digital Asset Market Transparency Act. Testifying before the Senate Banking Committee, Bessant stated, "There seems to be a group of nihilists in the industry who would rather have no regulation than accept this very effective regulation." Bessant added that market participants unwilling to accept strict regulation should "move to El Salvador."