- Scott Bessent stated that under the Donald Trump administration, a digital dollar will not be issued in the United States.
- He advocated for regulation of cryptocurrencies to develop the cryptocurrency sector.
US Treasury Secretary Scott Bessent saidthat the Trump administration will not allow the emergence of a central bank digital currency in the United States.
On words Journalist Eleanor Terrett said central bank digital currency was “off the table” and portrayed it as a tool for financial surveillance.
Instead, he said, the administration wants digital asset companies and stablecoin issuers to operate within the U.S. regulatory system, rather than in offshore markets.
Despite the Trump administration’s stance against a digital dollar, the current legislative framework does not guarantee this. The House-passed bill ROAD to Housing Act includes a temporary ban on the issuance of central bank digital currency (CBDC) by the Federal Reserve, which expires in December 2030.
Current Fed Chairman Kevin Warsh said he would block the initiative with CBDC, if his powers allow it. However, Warsh’s term is also set to end in 2030, which coincides with the expiration date of the term limit. CBDC.
The Trump administration is betting on cryptocurrency regulation. Bessent said, that the majority of digital asset fraud stems from activities conducted outside the United States.
He called on Congress to pass the CLARITY Act, which would establish federal regulations for digital asset markets, define oversight responsibilities among regulators, and attract capital to the United States.
The bill has already been approved by the Senate Banking Committee after months of negotiations involving banking groups, crypto firms, and lawmakers discussing stablecoin rewards, ethics rules, and regulatory powers.
Senator Elizabeth Warren continues to oppose the bill, arguing that it fails to address conflicts of interest related to crypto businesses linked to President Donald Trump and his family.
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