Treasury Secretary Scott Bessent frames digital assets as key to U.S. dollar dominance
CIE News ·
Based on reporting by CoinDesk; not yet independently confirmed.
At Ripple's Swell conference, Treasury Secretary Scott Bessent said stablecoins and crypto infrastructure can fortify the U.S. dollar and generate federal funding, CoinDesk reported.
Speaking alongside Ripple CEO Brad Garlinghouse at the Swell conference, U.S. Treasury Secretary Scott Bessent stated that digital assets could help reinforce the global dominance of the U.S. dollar, CoinDesk reported. Bessent argued that global reserve currency strength is shifting from military power toward technological leadership. He placed crypto alongside artificial intelligence and semiconductors in an ongoing technological competition between the United States and China, stating that the U.S. aims to lead the digital asset stack.
Bessent noted that over 90% of stablecoins are backed by U.S. dollars and typically hold U.S. government debt as reserves. He said growing demand for these assets would open new global markets and serve as an important funding source for the Treasury Department, according to CoinDesk.
Following Congress's failure to pass the Clarity Act, Bessent indicated that the Treasury intends to coordinate with the Securities and Exchange Commission and the Commodity Futures Trading Commission. He stated the department would use its convening powers to pursue regulatory standards through agency action to provide clearer rules for the sector.
Key facts
- Swell conference
- Over 90% stablecoins USD-backed
- Clarity Act failed in Congress
- Treasury to coordinate with SEC