U.S. Treasury · CLARITY Act · Scott Bessent · U.S. · Bitcoin Magazine
U.S. Treasury Confirms U.S. ‘Will Win in the Digital Asset Stack’ as Clarity Act Stalls
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Treasury Secretary Scott Bessent said that U.S. leadership in digital assets could reinforce the dollar’s global reach even as the stalled CLARITY Act leaves regulators to fill the gap.
Key facts
- Bitcoin traded around $80,000 to $81,000 this week ahead of the Federal Reserve decision
- The broader CLARITY Act, which would establish market-structure rules for digital assets, failed a Senate procedural vote on September 15, 49 to 50, short of the 60 votes needed
- CoinGecko data puts the share of stablecoins denominated in dollars above 98%, with Tether’s USDT and Circle’s USDC the largest
- Last year he suggested stablecoins could generate $2 trillion in short-term demand for Treasuries and bills
Summary
U.S. Treasury Secretary Scott Bessent said Tuesday that American leadership in digital assets could reinforce the dollar’s global position, even as Congress has stalled on the market-structure legislation meant to govern them. Speaking at Ripple’s Swell conference in New York with CEO Brad Garlinghouse, Bessent argued that the foundations of reserve-currency power are shifting. “We will keep our military umbrella, but increasingly, it becomes a technological umbrella,” he said. He grouped digital assets with artificial intelligence and semiconductors as areas where the United States and China are competing to build dominant infrastructure, and suggested the financial rails countries choose will shape the dollar’s reach.