Scott Bessent, United States Secretary of the Treasury, recently sparked controversy by asserting that the global cryptocurrency industry “needs American leadership” to thrive. His comments followed the Senate’s failure to advance the GENIUS Act, a bill establishing a federal framework for stablecoins and digital assets.
Bessent criticised lawmakers who blocked the legislation, calling the bill a “once-in-a-generation opportunity” to extend the dominance of the U.S. dollar through innovation. He argued that stablecoins and other digital assets require American leadership to succeed globally.
The reaction on social media was swift and largely negative. Crypto enthusiasts and digital rights advocates condemned Bessent’s remarks as disconnected from the fundamental principles of cryptocurrency, which emphasise decentralisation and independence from central authorities like the U.S. government. Many on platforms such as X and Reddit’s r/CryptoCurrency forum mocked the suggestion that U.S. dominance equates to global digital innovation. Critics accused Bessent of using crypto policy to preserve U.S. financial hegemony under the guise of technological progress.
The GENIUS Act has faced criticism for its potential to centralise control over digital assets. While supporters see the bill as providing much-needed regulatory clarity and helping U.S. firms compete internationally, opponents argue it would concentrate power in a few government-approved entities, undermining crypto’s open-source ethos.
Prominent figures like Senator Elizabeth Warren and Jeff Merkley voiced concerns about conflicts of interest and corruption linked to the bill and President Trump’s crypto ventures. Warren warned that the legislation could enable Trump to profit from crypto scams, while Merkley highlighted risks to national security and public trust.
Bessent’s nationalistic framing also drew rebukes from international crypto experts, who pointed to thriving ecosystems in countries with clearer, more adaptive regulations, such as Switzerland, Singapore, and the UAE.
Meanwhile, Senator Richard Blumenthal is investigating Trump’s crypto-related companies, seeking records to scrutinise potential ties between the Trump Organization, digital asset firms, and foreign governments.
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