U.S. Treasury Secretary Bessent Speaks on Cryptocurrency: "Regarding Cryptocurrency, the United States..."

U.S. Treasury Secretary Scott Bessent stated that the United States should be the leading country globally in the field of digital assets. Speaking at the House Financial Services Committee, Bessent urged lawmakers to seek regulation for cryptocurrency: "The U.S. should be the number one spot for digital assets." When asked why the United States should be leading in this field, Bessent stated: "We believe that Congress and the Senate should create a good market structure to disseminate the best market practices of the United States worldwide." Bessent, who was appointed by President Donald Trump to the Department of Fintech and confirmed by the Senate in January, has previously attracted attention for his proactive approach to digital assets, arguing that the cryptocurrency economy "will endure for the long haul." Bessent is also a member of the "Presidential Working Group on Digital Asset Markets," established by Trump’s executive order on January 23. While the hearing primarily focused on tariffs, another issue the committee is concentrating on is the comprehensive cryptocurrency management bill. On Monday, House Republicans introduced a draft bill that will redefine the authority of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The bill also includes new disclosure requirements. But some Democratic members have raised concerns about the president's relationship with cryptocurrency after Trump launched his own memecoin just before the inauguration in 2025. The startup World Liberty Financial, which is linked to Trump, recently introduced its own stablecoin. On Tuesday, some Democratic lawmakers held their own roundtable discussions on cryptocurrency, canceling a planned meeting on cryptocurrency and publicly expressing concerns about Trump's influence in the space. However, some, like Democratic lawmaker Angie Craig, stayed, stating that "both sides need to work together."