Treasury’s Bessent sees crypto as America’s next tool for keeping the U.S. dollar on top
Speaking at Ripple’s conference, the U.S. Treasury Secretary said the SEC and CFTC action could help fill the gap left by the Clarity Act’s failure, while curbing crypto debanking.
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Summary
- Treasury Secretary Scott Bessent said U.S. leadership in digital assets could reinforce the dollar’s global dominance as technological strength becomes increasingly important to economic influence.
- Bessent said Tuesday that the Treasury Department could work with the SEC and CFTC to clarify cryptocurrency rules after the failure to pass federal digital asset regulation, and establish safeguards against banks cutting off services to digital-asset businesses.
- The Trump administration has passed the GENIUS Act, establishing federal rules for stablecoins, which Bessent argued was a way to expand global demand for U.S. dollars and Treasury debt.
