U.S. Treasury Secretary Scott Bessent reiterated on Thursday that the Trump administration will not pursue a central bank digital currency (CBDC) and called on Congress to pass the CLARITY Act to bring digital asset activity under a clear regulatory framework.
Speaking at a White House press briefing, Bessent said a U.S. CBDC is “off the table” and stressed that the administration’s priority is encouraging digital asset businesses to operate onshore. “This administration has been very clear, there will be no central bank digital currency, which I think would be the first step toward tracking,” Bessent said. He added that bringing digital assets into the United States is the most important step to address risks associated with offshore activity.
Bessent highlighted recent legislative momentum, pointing to the bipartisan support for the GENIUS stablecoin bill and the progress of the CLARITY Act, which recently cleared the Senate Banking Committee after weeks of debate over stablecoin provisions and ethics concerns. He urged lawmakers to finalize the legislation, arguing that a clear regulatory structure would reduce the “wild, wild west” nature of offshore crypto markets.
President Donald Trump also voiced support for a durable digital asset market structure in a Truth Social post on Wednesday, aiming to create a framework that cannot be reversed by “crypto haters.” However, analysts caution that the CLARITY Act still faces hurdles; TD Cowen’s Jaret Seiberg noted it may require stronger conflict-of-interest provisions to attract additional Democratic support.
Republican lawmakers have separately advanced measures to permanently block the Federal Reserve from issuing a CBDC, including Representative Tom Emmer’s Anti-CBDC Surveillance State Act and recent amendments to housing legislation that removed a sunset clause allowing CBDC restrictions to expire in 2030. Bessent’s stance mirrors his earlier testimony during his nomination hearing, where he saw “no reason” for a U.S. CBDC.
