What to know:
- Bessent rejects CBDC plans while supporting major crypto legislation efforts.
- GENIUS and Clarity bills continue to gain support across Congress.
- The Trump administration pushes regulatory certainty while opposing digital dollar proposals.
U.S. Treasury Secretary Scott Bessent has reaffirmed that the Trump administration will not support a central bank digital currency while continuing to back legislation designed to expand regulatory clarity for digital assets.
Speaking during a White House briefing on Thursday, Bessent said the administration has taken the idea of a CBDC completely off the table. At the same time, he highlighted growing momentum behind major crypto bills moving through Congress.
Bessent argued that a government-issued digital currency could create concerns around financial tracking. Therefore, he said the administration sees greater value in encouraging innovation through privately issued digital assets operating within clear regulatory frameworks.
“This administration has been very clear: There will be no central bank digital currency,” Bessent said. He added that the administration remains committed to making the United States a leading destination for digital asset businesses.
Moreover, Bessent stressed that stronger domestic regulations could help address many of the risks associated with offshore crypto activity. He said bringing digital asset companies under U.S. oversight would improve accountability across the sector.
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Administration Pushes Crypto Legislation Forward
While rejecting a CBDC, administration officials continue supporting legislation aimed at defining how digital assets should operate within the United States. Bessent pointed to the GENIUS stablecoin legislation as a major example of bipartisan cooperation. He noted that lawmakers from both parties helped advance the bill through key stages of the legislative process.
Additionally, he highlighted progress surrounding the Clarity Act, which seeks to establish a broader regulatory structure for the digital asset industry. According to Bessent, Congress should continue moving the legislation forward.
“When you look at digital assets, all the nonsense that happens, all the things you read about, that’s because it’s the wild, wild west offshore,” Bessent said. He added that lawmakers should work to bring more activity onshore through regulatory certainty.
The Clarity Act recently cleared the Senate Banking Committee after several delays. Lawmakers spent weeks debating stablecoin provisions, ethics requirements, and other industry-related concerns before advancing the measure.
Questions Remain Over Final Passage
Despite recent progress, several analysts believe the legislation still faces challenges before reaching President Donald Trump’s desk. Earlier this week, Jaret Seiberg, managing director at TD Cowen’s Washington Research Group, said the bill may require stronger conflict-of-interest provisions to attract additional Democratic support.
Bessent’s latest remarks also reflect views he expressed during his January 2025 nomination hearing. At that time, he said he saw no reason for the United States to create a central bank digital currency and suggested such systems were more relevant in countries with limited investment alternatives.
Meanwhile, President Donald Trump has continued promoting his administration’s digital asset agenda. In a Truth Social post on Wednesday, Trump said his administration intends to establish a durable market structure framework that supports long-term growth across the sector.
Bessent’s comments reinforce the administration’s two-track approach toward digital assets. Officials remain firmly opposed to a U.S. CBDC while supporting legislation that could provide clearer rules and greater regulatory certainty for the crypto industry.
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