Treasury Secretary Bessent | Crypto

The OCC has finalized rules for stablecoin reserves and redemptions, with Bessent calling the GENIUS Act a “watershed moment for American finance.” US Treasury Secretary Scott Bessent has compared the Trump administration’s landmark stablecoin legislation to banking reforms enacted under President Abraham Lincoln, drawing parallels between two efforts to establish a national framework for American currency more than 160 years apart. In a Wednesday post on X, Bessent hailed the Office of the Comptroller of the Currency’s (OCC) final rule implementing the GENIUS Act, calling the legislation a “watershed moment in American finance.” Bessent drew a comparison to the National Currency Act of 1863, which established a federal framework for nationally chartered banks to issue currency. He argued that the GENIUS Act serves a similar purpose for payment stablecoins in the digital age. Read more

Secretary Scott Bessent warned that failing to pass the CLARITY Act would send a “troubling signal” about America’s leadership in the digital asset industry. US Treasury Secretary Scott Bessent urged lawmakers to pass the Digital Asset Market Clarity (CLARITY) Act when the Senate returns from its August recess next week. “I strongly urge everyone to remain at the negotiating table, agree to the motion to proceed, and continue the legislative process,” wrote Bessent in a Wednesday X post, warning that failing to pass the bill would send a “troubling signal” about America’s leadership in the digital asset industry. The Senate is scheduled to return from its August recess next Monday, according to its legislative schedule. The CLARITY Act seeks to establish the first comprehensive regulatory framework for digital assets in the US. Read more

The comments came during Bessent's Congressional testimony on Wednesday in a tense exchange with California Representative Brad Sherman. United States Treasury Secretary Scott Bessent testified before Congress on Wednesday and reiterated that the US will retain Bitcoin (BTC) acquired through asset seizures but will not direct private banks to purchase more BTC in the event of a market downturn. California Congressman Brad Sherman, a major critic of Bitcoin and cryptocurrencies, asked Bessent: “Does the Treasury Department or the various components of the Federal Open Market Committee have the authority to bail out Bitcoin?” Sherman then asked Bessent if he plans to direct private banks to acquire more BTC or “Trump Coin,” a reference to memecoins connected to US President Donald Trump, through changing banking reserve requirements to allow them to buy more. Bessent said: Read more

The Uniswap Foundation spearheaded a coalition of 18 major cryptocurrency organizations in petitioning Treasury Secretary Scott Bessent for federal guidance on decentralized autonomous organization (DAO) compliance. In a Sept. 2 letter, Uniswap Foundation cites persistent legal uncertainty that has driven innovation offshore. The document advocates for federal recognition of Wyoming’s Decentralized Unincorporated Nonprofit Association (DUNA) […] The post Uniswap Foundation leads coalition urging Treasury Secretary Bessent to clarify legal framework for DAOs appeared first on CryptoSlate.

Treasury Secretary Scott Bessent’s endorsement of dollar-pegged stablecoins creates a pathway for up to $34 trillion to flow into decentralized finance protocols such as Ethena, Ether.fi, and Hyperliquid. Arthur Hayes reported in his Aug. 27 blog post that Bessent aims to redirect capital from the $13 trillion Eurodollar system and $21 trillion in Global South […] The post Treasury Secretary Bessent’s stablecoin push could drive $34 trillion into Ethena, Etherfi, Hyperliquid appeared first on CryptoSlate.

Treasury Secretary Scott Bessent stated on June 17 that stablecoins could cut federal borrowing costs and slow debt growth if Congress sends the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act to the president.  In an X post, he pointed to research projecting a $3.7 trillion stablecoin market by 2030 and argued that […] The post Treasury Secretary Bessent says stablecoins are debt relief engine as Senate readies to vote on GENIUS Act appeared first on CryptoSlate.