Scott Bessent puts crypto alongside AI and chips in U.S.-China tech race at Ripple conference
Summary
Treasury Secretary Scott Bessent said digital assets, especially dollar-backed stablecoins, could extend the dollar’s global reach and strengthen U.S. influence in competition with China. He noted that more than 90% of stablecoins are dollar-backed and that issuers hold U.S. government securities, potentially creating additional Treasury financing. Bessent framed crypto as strategic infrastructure and cited the GENIUS Act’s stablecoin framework. After Congress failed to pass the Clarity Act, he said Treasury could work with the SEC and CFTC to advance oversight through agency action, including safeguards against crypto firms being debanked.
