Treasury Secretary Bessent Says Stablecoins Can Bolster US Dollar ‘Supremacy’

Scott Besent’s treasury secretary said on Wednesday, “Stablecoins can enhance the superiority in the dollar,” pushing against critics who view the cryptocurrencies as a threat to US currency domination, as President Trump called on Congress to quickly follow the famous legislation.

“Crypto is not a threat to a dollar,” Bessent twitter On Wednesday, he called the digital property “one of the most important phenomena in the world” that has been neglected by national governments for too long. “

Comments came as Trump pressed House MPs that will quickly bring the Geni Law after the Senate approved Stablecoin framework Tuesday.

Senate’s passage on Tuesday marked a turnaround from last month, when The Genia Law failed a procedural vote After the Pro-Crypto Democrats withdrew support for concerns about the provisions of national security and conflict of interest from the Trump family.

Bessent condemned that earlier defeatwarning that “the world is watching while US legislators break through their thumb” and call on the congress to “either reinforce and water or look at the innovations of digital assets to move on offshore.”

Legislation would determine the federal rules for issuing and trading stabilcoini“Digital tokens usually tied the US dollar.

“Stablecoins could be one of the biggest customers of US Treasury or T-Bic,” said the UA Finance Minister New York Post interviewAn explanation for someone to use Stabblecoin in Nigeria could be transported without actually holding a physical dollar.

“I think there is a very good chance that Crypto is actually one of the things that locks in Dollar’s superiority,” the Besent said, noting that the Administration of Biden had tried to “extinct”, not embrace innovation.

The leaders of the industry welcomed the passage of the Senate, recognizing the permanent political tensions.

Ira Auerbach, a tandem leader at offchain Labs, said Decipher That “continuous political division on cryptocurrencies creates a market that operates within the” best speculation “, which becomes unsustainable for speed that grows at speed.”

Auerbach pointed out that Stablecoins “requires a different legislative approach than digital assets such as memecoin or trade tokens,” saying that these are “separate questions” where speculative concerns “should not allow” the development of the wage infrastructure.

However, concerns are persistent in conflict of interest.

As he speaks DecipherAlexander Urbelis, General Advisor at ES Labs, warned that an ingenious work “perceived the entanglement of the private interests of Trump’s family” could “disrupt confidence and credibility in the legislative process” and encourage “political theater theater” for alleged cryptocurrencies.

Urbelis warned that in the time of “deep fakes enhanced platforms of social media that gave up the facts of facts”, the conspiracy theories of poor dollars could “undermine public trust” and have “global consequences”.

Edited Sebastian Sinclair