Donald Trump · Scott Bessent · U.S. · U.S. Treasury · SEC · CoinDesk
Treasury's Bessent sees crypto as America's next tool for keeping the U.S. dollar on top
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U.S. Treasury Secretary Scott Bessent said digital assets could help strengthen the U.S. dollar's global dominance as technology becomes an increasingly important source of American economic influence.
Key facts
- Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%
- Bessent called the failure a disappointment but said the Treasury Department could work with regulatory agencies like the Securities and Exchange Commission (SEC) and Commodity Futures Trading
- More than 90% of stablecoins are backed by U.S. dollars, he said, and their issuers often hold U.S. government securities as reserves
- Speaking Tuesday at Ripple's Swell conference with CEO Brad Garlinghouse, Bessent argued that the power behind the world's reserve currencies during history derived from military strength, but it’s
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. U.S. Speaking Tuesday at Ripple's Swell conference with CEO Brad Garlinghouse, Bessent argued that the power behind the world's reserve currencies during history derived from military strength, but it’s increasingly shifting toward technological leadership.