US Treasury Secretary Supports Cryptocurrency Bill
In the hearing on May 7, US Treasury Secretary Scott Bessent expressed support for two cryptocurrency-related bills under congressional review. Responding to a question about the US position compared to China in cryptocurrency innovation, Bessent affirmed that the US should be the "top destination" for digital assets. He emphasized that a "good market structure" and "stable currency regulations" could ensure this.
Bessent's statement aligns with other Republican senators and President Donald Trump, who declared an intention to make the US the "cryptocurrency capital" during his 2024 campaign. The bills under discussion include the digital asset market structure and GENIUS, expected to be voted on in the Senate on May 8.
Bessent, nominated by Trump, has also been involved in notable cryptocurrency policies, including executive orders to establish sovereign asset funds and working groups studying stablecoin regulations and national cryptocurrency reserves. He previously declared opposition to creating a US central bank digital currency.
Democrats have opposed these bills, especially after the controversy surrounding Trump's dinner with a meme coin group. Representative Maxine Waters led a boycott of the May 6 hearing, demanding an investigation into "Trump's cryptocurrency corruption." A group of nine Democratic senators also refused to support the GENIUS bill, proposing stronger national security and anti-money laundering measures.
It remains unclear whether the Republican Party, with control of both chambers, has enough votes to pass these bills.
