Treasury Secretary Scott Bessent frames crypto as key to U.S. dollar dominance
Speaking at Ripple's Swell conference, U.S. Treasury Secretary Scott Bessent said digital assets and dollar-backed stablecoins can reinforce the dollar's global standing while agency coordination fills legislative gaps.
U.S. Treasury Secretary Scott Bessent stated that cryptocurrency can serve as America's next instrument to maintain U.S. dollar dominance, declaring that the country is "going to win in the digital asset stack." Speaking at Ripple's Swell conference, Bessent asserted that embracing the digital asset ecosystem will continue to fortify the greenback and expand its international reach.[1][2][3][5][6]
Bessent highlighted stablecoins as a crucial component of this strategy, pointing out that more than 90% of stablecoins are backed by U.S. dollars. He described them as an important source of funding for the Treasury, adding that a strategic embrace of stablecoins could enhance American financial influence, expand access to the dollar, and bolster demand for Treasuries.[5][6]
Addressing regulation, Bessent called Congress's failure to pass the Clarity Act a disappointment, but said the Treasury can coordinate directly with the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to advance crypto rules. He noted that joint actions by the two regulators could fill the void left by stalled legislation while also curbing crypto debanking.[2][3][4][5]
Key facts
- U.S. Treasury Secretary Scott Bessent stated that crypto can serve as America's next tool for keeping the U.S. dollar on top.
- Bessent told attendees at Ripple's Swell conference that the U.S. is "going to win in the digital asset stack" and fortify the dollar.
- More than 90% of stablecoins are backed by U.S. dollars, which Bessent called an important funding source for the Treasury.
- A strategic embrace of stablecoins could bolster Treasury demand and expand global access to the dollar.
- Bessent expressed disappointment over Congress failing to pass the Clarity Act.
- Bessent said the Treasury could work with the SEC and CFTC to advance crypto rules and curb crypto debanking.
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- SI
Solid Intel 馃摗@solidintel_xPost on X 路
INTEL: Bessent says crypto can be America's next tool for keeping the US dollar on top https://t.co/2WXoMlvWFi
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Decrypt@DecryptMediaPost on X 路
Treasury Secretary Scott Bessent says the U.S. is "going to win in the digital asset stack" and that it will fortify the dollar. Speaking at Ripple's Swell conference, he said Treasury can work with the SEC and CFTC on crypto rules after Congress failed to pass the Clarity Act. https://t.co/isok4tQikk
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CoindeskArticle 路
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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Crypto Rover@cryptoroverPost on X 路
BREAKING: 馃嚭馃嚫 Treasury Secretary Scott Bessent says the US Treasury could work with the SEC & CFTC to advance crypto regulations despite the CLARITY Act鈥檚 failure. This would be HUGE for crypto! https://t.co/VFcM39FqXm
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Coin Bureau@coinbureauPost on X 路
馃嚭馃嚫 HUGE: US Treasury Secretary Scott Bessent says America is "going to win" in crypto. "We are going to win in the digital asset stack," Bessent told Ripple's Swell conference. The Treasury Secretary thinks that will "continue to fortify the dollar." With over 90% of stablecoins backed by US dollars, he sees them as "an important source of funding for the Treasury." Bessent called Congress's failure to pass the CLARITY Act a disappointment, but says Treasury could work with the SEC and CFTC instead.
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Crypto BriefingArticle 路
Bessent says the US will win in digital assets and strengthen the dollar The US's strategic embrace of stablecoins could enhance global financial influence, bolster Treasury demand, and expand dollar access. The post Bessent says the US will win in digital assets and strengthen the dollar appeared first on Crypto Briefing .
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