- Scott Bessent said digital assets, stablecoins, tokenization, and modern payments will shape the future of global finance.
- The Treasury secretary urged the U.S. to lead financial technology standards rather than adopt rules created by other nations.
- Bessent said innovation in digital finance must also meet transparency, security, consumer protection, and law enforcement standards.
Treasury Secretary Scott Bessent said digital assets, stablecoins, tokenization, and modern payment systems will shape the future of money during a June 23 speech in New York. Speaking at The Economic Club of New York’s America 250 Gala Dinner, Bessent outlined five principles for U.S. economic policy and said the country should help establish standards for emerging financial technologies instead of allowing them to develop elsewhere.
Bessent Outlines Digital Asset Strategy
According to prepared remarks from the U.S. Treasury, Bessent described the ability to set future economic standards as the third pillar of the administration’s strategy. He said tomorrow’s competition will extend beyond trade and instead focus on platforms, systems, and protocols that support global commerce.
Bessent said nations that fail to shape those standards could later operate under rules created by others. He added that open, secure, market-based standards would support innovation, intellectual property protection, and fair competition.
Turning to financial technology, Bessent identified digital assets, stablecoins, tokenization, and new payment systems as areas that will influence future financial infrastructure. He said the United States should support innovation that strengthens the dollar, improves efficiency, expands financial access, and preserves financial system integrity. However, he also said new technologies must meet transparency, security, consumer protection, and law enforcement standards.
Hougan Highlights Treasury Remarks
Following the speech, Bitwise Chief Investment Officer Matt Hougan said he spent the morning reviewing Bessent’s remarks. Hougan described the address as presenting a long-term vision for America’s economic role over the next century.
Hougan also referenced economist Mohamed A. El-Erian, who called the speech “remarkably important.” He pointed to Bessent’s third principle as the section most relevant to digital assets.
Speech Links Crypto to Economic Policy
According to Bessent, America should help write the rules governing next-generation financial technologies instead of remaining on the sidelines. He placed digital assets alongside broader economic priorities discussed throughout the address.
Meanwhile, Hougan said Bessent’s comments provide insight into Washington’s approach toward crypto policy. He specifically highlighted the Treasury secretary’s remarks that digital assets and related technologies will help shape the future of money, placing them within the administration’s broader economic framework.
