Treasury Sec Scott Bessent: US Should Be The 'Premier Destination For Digital Assets'

U.S. Treasury Secretary Scott Bessent told lawmakers on Wednesday that the United States should position itself as the global leader in digital assets, reinforcing the administration's support for establishing a clear regulatory framework for the crypto industry.

What Happened: During testimony before the House Financial Services Committee, Bessent said, "We believe that the United States should be the premier destination for digital assets," adding that Congress is making progress toward shaping a solid market structure that could help promote American standards globally.

Bessent, confirmed to the Treasury post in January after being nominated by President Donald Trump, has been vocal in backing crypto as a permanent fixture in the financial system.

He also serves on the President's Working Group on Digital Asset Markets, created through an executive order signed earlier this year.

Although much of Wednesday's hearing centered on trade and tariff policy, lawmakers also discussed ongoing efforts to regulate crypto markets.

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House Republicans recently circulated a draft bill that proposes dividing oversight responsibilities between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), while also laying out disclosure requirements for digital asset issuers.

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Why It Matters: Tensions over crypto legislation have grown in recent months, particularly among Democrats, who remain concerned about Trump's personal involvement in the space.

His launch of a meme coin and the debut of a stablecoin by his affiliated firm, World Liberty Financial, have raised ethical questions about influence and conflicts of interest.

Some Democratic members walked out of a scheduled crypto hearing earlier this week in protest.

However, others, including Rep. Angie Craig (D-Minn.), opted to remain, calling for bipartisan collaboration on digital asset policy.

Meanwhile, a separate Senate bill aimed at regulating stablecoins is due for a vote on Thursday but has encountered pushback. Over the weekend, a group of Democratic Senators, among them Ruben Gallego, Raphael Warnock, Mark Warner, and Lisa Blunt Rochester, voiced opposition to the current version, citing unresolved legal and operational issues.

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