Trump Administration To Remove Regulatory Impediments to #Bitcoin and Stablecoins: US Treasury Secretary.
Scott Bessent, the US Treasury Secretary, has reiterated this administration’s commitment to promoting the course of Bitcoin and blockchain technology in America.
He said in his speech at the American Bankers Association in April that the Donald Trump administration remains committed to promoting innovation in the United States. Part of this involves reforming the banking system by incorporating blockchain technology and new payment rails.
To do so, Bessent noted that his administration would identify and eliminate all impediments to the adoption of blockchain technology.
Bessent believes that a clear crypto framework would foster the incorporation of blockchain technology into the banking system. Furthermore, he suggested that stablecoins would create new payment rails for the traditional financial system and “unleash the awesome power of the American capital market.”
Bessent further stressed the importance of the stablecoin market to the US dollar’s dominance in a speech at the Senate Appropriations Committee hearing on Wednesday. He noted that the cryptocurrency would strengthen the USD’s position in the global financial market.
According to him, bills like the GENIUS Act would encourage mainstream adoption of US dollar-pegged stablecoins and boost their reach extensively both globally and locally.
