Treasury Secretary Scott Bessent reiterates ‘no CBDC’ commitment under Trump admin
During a Thursday press briefing, Bessent also urged the House and the Senate to get the Clarity Act to the finish line.
Treasury Secretary Scott Bessent reinforced the Trump administration's opposition to a central bank digital currency (CBDC) during a Thursday press briefing. Bessent reiterated the administration's "no CBDC" stance while also calling on Congress to advance the Clarity Act through both chambers of the House and Senate.
The Trump administration has consistently opposed the development of a U.S. CBDC, citing concerns over government overreach and potential surveillance capabilities. This position contrasts with ongoing CBDC research and pilot programs conducted by the Federal Reserve during previous administrations. The Clarity Act, which Bessent urged lawmakers to pass, aims to provide regulatory clarity for digital assets and establish clearer frameworks for cryptocurrency operations in the United States.
Bessent's comments signal continued policy divergence from global trends, as numerous countries including China, the European Union, and the United Kingdom continue developing or implementing their own CBDCs. The administration's focus on the Clarity Act suggests prioritizing private sector digital asset innovation over government-issued digital currencies. This approach could benefit existing cryptocurrency markets and blockchain companies operating within U.S. jurisdiction.
Market participants will be watching for Congressional action on the Clarity Act and any additional policy statements regarding digital asset regulation. The administration's clear anti-CBDC stance may influence other regulatory decisions affecting the broader cryptocurrency ecosystem.
Source: The Block
