U.S. Treasury Secretary Scott Bessent Supports Cryptocurrency Legislation
U.S. Treasury Secretary Scott Bessent has expressed support for two cryptocurrency-related bills currently under consideration by Congress, which involve stablecoins and an overall market regulatory framework. He believes that digital assets represent a significant source of innovation that can promote the global use of the U.S. dollar through stablecoin legislation.
During a House Financial Services Committee hearing on May 7, Bessent told lawmakers that the United States should become “the primary destination for digital assets.” His remarks were a response to concerns over competition with China in the field of crypto innovation. He added that a “sound market structure” and “stablecoin legislation” could help achieve this goal.
Bessent’s statements echo those of other Republican lawmakers and former President Donald Trump, who has claimed during his 2024 campaign that he wants to make the United States “the world’s cryptocurrency capital.”
The bills mentioned by Bessent likely refer to a digital asset market structure draft released by House Republicans on May 6, as well as the “GENIUS Act” (Guidance for Electronic Networks and Inclusive Stablecoins Act), which is expected to be voted on in the Senate on May 8 regarding stablecoin regulation.
However, the passage of these bills still faces significant obstacles. During a hearing held this Tuesday to discuss cryptocurrency legislation, several Democratic lawmakers expressed their opposition by walking out collectively, voicing concerns over the Trump family’s increasing involvement in cryptocurrency.
