U.S. Treasury Secretary Scott Bessent expressed support for two major crypto-related bills currently moving through Congress, signalling the Biden administration’s alignment with Republican-led efforts to make the United States a global hub for digital assets.
Speaking before the House Financial Services Committee on May 7, Bessent emphasized the importance of sound regulation in solidifying U.S. dominance in the digital asset sector. “The United States should be the premier destination for digital assets,” he told lawmakers, adding that legislation focused on market structure and stablecoins could play a pivotal role in achieving that goal.
Bessent’s comments align closely with President Donald Trump’s and several Republican lawmakers who have repeatedly pushed for America to lead in crypto innovation. The Treasury chief, a Trump appointee, has been a central figure in the administration’s broader crypto strategy, including support for an executive order proposing a sovereign wealth fund tied to digital assets and active participation in a federal working group on stablecoin regulation and national reserves.
His remarks come just one day after House Republicans unveiled a new draft bill to define the market structure for digital assets. Simultaneously, the Senate is preparing to vote on the GENIUS Act—a bill focused on stablecoin regulation—scheduled for May 8.
Republicans have a majority in both chambers, but bipartisan support for the bills is uncertain. On May 6, Representative Maxine Waters led a walkout during a hearing on a market structure bill, accusing Republican leaders of neglecting ethical concerns regarding Trump’s cryptocurrency dealings, including his connections to memecoin projects and a controversial dinner event for top token holders.
In the Senate, opposition is mounting as well. A coalition of nine Democratic senators voiced firm resistance to the current version of the GENIUS bill, calling for stronger provisions on Anti-Money Laundering compliance, restrictions on foreign issuers, and enhanced national security protections.
For his part, Bessent has consistently opposed the launch of a U.S. central bank digital currency (CBDC), a position he reaffirmed during his confirmation hearing.
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