- Treasury Secretary Scott Bessent pushed for the U.S. to become the top destination for digital assets, emphasizing strong market structure.
- Trump’s crypto ventures have raised concerns among Democrats, leading to a split over regulatory discussions.
- A Senate vote on a stablecoin regulation bill is facing resistance from several Democratic senators over unresolved issues.
U.S. Treasury Secretary Scott Bessent didn’t mince words on Wednesday, declaring that the U.S. ought to be the “premier destination for digital assets.” Testifying before the House Financial Services Committee, Bessent emphasized the need for the U.S. to take charge in shaping crypto regulations, noting that lawmakers are in the midst of drafting frameworks to solidify the nation’s position as a global crypto hub.
“We believe that the United States should be the premier destination for digital assets,” Bessent said, weaving his optimism into an otherwise tense hearing. “And as members of this committee and the Senate are attempting to do — create good market structure around that — so that U.S. best practices are used around the world.”
Bessent, a Trump appointee confirmed by the Senate in January, has been vocal about his pro-crypto stance, calling the digital economy “here to stay.” As a member of the President’s Working Group on Digital Asset Markets, he’s been part of a broader effort to shape crypto policy in line with an executive order issued by Trump earlier this year.
Lawmakers Split on Crypto, Trump’s Influence Looms
Despite Bessent’s optimism, the tone in the committee wasn’t all sunshine. While the focus was supposed to be on tariffs, talk quickly veered toward crypto regulation — and the fallout from Trump’s recent crypto moves. Just before his 2025 inauguration, Trump launched his own memecoin, adding fuel to the fire for Democrats who say his crypto interests could skew policy.
Trump’s venture, World Liberty Financial, recently rolled out its own stablecoin, and on Tuesday, some Democrats bailed on a scheduled hearing to hold their own crypto roundtable, citing concerns over Trump’s growing influence in the space. Rep. Angie Craig, D-Minn., opted to stay, urging both sides to collaborate instead of splintering off.
Stablecoin Bill Faces Roadblocks in the Senate
As the House mulls over broader crypto regulations, the Senate is bracing for a separate showdown on stablecoins. The bill, set for a vote on Thursday, has already hit turbulence. Over the weekend, a group of Democratic senators, including Ruben Gallego, Mark Warner, and Lisa Blunt Rochester, issued a joint statement warning that the current draft is riddled with unresolved issues.
For now, Bessent remains steadfast, reiterating that a well-structured crypto framework could cement the U.S. as a leader in the global digital asset market. But with partisan bickering heating up, that vision is looking less like a given and more like a long shot.
