- Bessent says stablecoins may boost dollar use globally, calling them a tool that could lock in long-term U.S. monetary leadership.
- Trump demands urgent House passage of the GENIUS Act after Senate approval, positioning stablecoins as key to U.S. crypto dominance.
- Bessent says ignoring crypto is a mistake, warning that innovation will move offshore if lawmakers fail to act quickly and decisively.
Crypto is not undermining the U.S. dollar, according to Treasury Secretary Scott Bessent. Instead, stablecoins could help strengthen the dollar’s global role. The GENIUS Act is central to this evolving narrative in U.S. crypto regulation.
Bessent: Stablecoins May Reinforce Dollar Dominance
Treasury Secretary Scott Bessent dismissed concerns that digital assets pose a risk to the U.S. dollar. In a tweet, Bessent stated, “Crypto is not a threat to the dollar. In fact, stablecoins can reinforce dollar supremacy.” He emphasized that digital assets are becoming increasingly important globally.
During a New York Post interview, Bessent explained how dollar-backed stablecoins could be used internationally without the need for physical dollars. He noted, “Someone using a dollar-backed stablecoin in Nigeria could transact without actually holding physical dollars.”
Bessent also suggested that stablecoins could become major buyers of U.S. Treasuries. This, he said, would directly support the U.S. economy and contribute to the stability of global financial systems.
GENIUS Act Gains Momentum in Congress
Bessent’s remarks follow the Senate’s approval of the GENIUS Act in a 68-30 vote. The legislation lays out a federal framework for issuing and trading stablecoins. It also aims to establish the U.S. as a leading destination for digital asset innovation.
The bill faced hurdles last month when it failed a procedural vote. That failure was driven by concerns from pro-crypto Democrats over national security issues and Trump family business interests. Bessent had sharply criticized the setback, urging Congress to move forward or risk losing leadership in the sector.
President Trump is now pressing the House to pass the GENIUS Act without amendments. He urged lawmakers to deliver the bill “ASAP,” following the Senate vote.
U.S. Government Shifts Stance on Digital Assets
Bessent acknowledged that digital assets were long overlooked by national governments. In his tweet, he said the administration is now committed to supporting crypto innovation in the U.S.
He noted that while the previous administration tried to “make it extinct,” the current approach is geared toward embracing this technology. The GENIUS Act represents a critical shift in regulatory focus, potentially opening the door to further crypto integration within the financial system.
