US Treasury Secretary Backs Crypto Bills During Congressional Hearing
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As digital assets increasingly dominate global financial discourse, the United States is positioning itself at the forefront. During a House Financial Services Committee hearing, Treasury Secretary Scott Bessent stressed the importance of proactive regulation, supporting two crypto-focused bills aimed at creating a clearer framework for stablecoins and digital asset markets. However, political tensions are rising as Democrats question the motives behind the legislation, citing Trump-linked crypto controversies.
In response to concerns about China's growing influence in blockchain innovation, Bessent declared that the U.S. must become the "premier destination for digital assets." He emphasized that robust stablecoin legislation and a well-defined digital asset market structure are essential to ensuring U.S. competitiveness. His stance reflects the intentions behind two Republican-led proposals: a market structure framework released on May 6 and the GENIUS bill on stablecoin regulation, set for Senate review on May 8.
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As a Trump appointee, Bessent's support for these bills aligns with the former president’s broader crypto policy agenda, which includes an executive order to establish a national crypto stockpile and opposition to a U.S. central bank digital currency (CBDC). Trump’s rhetoric during the 2024 campaign focused on making America the "crypto capital of the world," a vision that continues to influence GOP legislative priorities.
Democratic lawmakers have voiced strong opposition to the crypto bills, particularly in light of Trump’s controversial ties to memecoin investors. Representative Maxine Waters led a walkout during a recent hearing, citing concerns over "Trump’s crypto corruption." Additionally, a coalition of nine Democratic senators stated they would not support the GENIUS stablecoin bill in its current form, calling for stricter anti-money laundering measures, regulation of foreign issuers, and enhanced national security provisions.
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