U.S. Treasury Secretary Scott Bessent emphasized the importance of the United States becoming a global leader in the digital assets sector during remarks before the House Financial Services Committee. Bessent called on Congress to focus on building a robust market structure and to position the nation as the top destination for cryptocurrency activity. He underscored that digital assets are "here to stay," reflecting a forward-looking, positive stance.
The committee also discussed a draft bill introduced by House Republicans that would clarify the jurisdiction of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over digital assets, and set new disclosure standards. While much of the focus was on tariffs, the issue of crypto regulation took center stage, with some Democrats voicing concerns about the political implications of President Trump's involvement in the digital asset space, especially after his recent memecoin launch and his affiliated startup's stablecoin announcement.
The hearing signaled bipartisan interest in comprehensive crypto regulation, despite differing perspectives. Some Democrats held roundtable discussions on the topic, with Representative Angie Craig urging bipartisan cooperation. Secretary Bessent, backed by his previous record of favorable digital asset commentary and membership in the Presidential Working Group on Digital Asset Markets, maintained that clear regulation and adoption of best market practices are essential for U.S. dominance in global digital finance.
