U.S. Agency Push for Leading Role in Digital Asset Sector as Per Bessent from Treasury
Opening up on Capitol Hill, Treasury Sec Scott Bessent drops the mic on crypto regulation.
Amidst the wind of change, Scott Bessent - our trusty Treasury Sec - took a seat before the House Financial Services Committee, enlightening congress on the Trump administration's game plan for regulating cryptoverse.
With a nod and a wink, Bessent shared their vision for our beloved digital assets industry – they desire the USA to stand at the forefront, leading the charge in a global digital asset revolution.
"We're eager to see the USA take the throne as the supreme host of digital assets," Bessent declared.
Their plan, they explained, involves inviting leading crypto players to return to our soil and share their cutting-edge techniques, minus any compromises on ambition or global sway. As Bessent put it, "We're here to foster homegrown innovation, all the while striving for global influence."
Teaming up with congressional Dems, a bipartisan Stablecoin Act appeared to be making strides, but now it's hit a rough patch as Democrats start to squabble[2]. Yet, Bessent urged lawmakers to consider the dire consequences that may arise if the USA falters in its digital asset leadership:
"In the past, an unchecked digital landscape outside our borders led to chaos. Illicit activities flourished, and technological superiority slipped through our fingers."
In other news, a group of Senators – including Cynthia Lummis and Patrick Toomey – released a blockchain policy proposal, emphasizing the importance of responsible crypto regulation[3]. Bessent noted that they've been in talks with industry regulators, who are hopeful about US's chance to reclaim its dominance in the crypto realm. They said, "Our contemporaries perceive the U.S. as a beacon, ready to restore its leadership. If we play our cards right, digital assets could drive an enormous demand for greenbacks."
Regarding regulatory options, Bessent hinted at existing financial regulations being applied to the budding crypto industry. As he pointed out, established blueprints like bank regulations, anti-money laundering rules, and financial stability provisions can serve as a solid starting point. However, Bessent added that further judgments will need to be made, as not every country will fit neatly into the regulatory mould.
Bessent concluded by highlighting a recent report submitted to the president, detailing safe and sound regulatory best practices. Emphasizing collaboration with the financial sector, new players, and incumbents, he said, "Our ultimate goal? Banks, too, can partake in this virtuous crypto landscape – whether it's through custody or launching their very own coins."
So there you have it, folks. The Treasury's out, spilling their beans about crytpo regulation. Honestly, it sounds pretty legit. Keep your eyes peeled, and let's see how this digital asset dance plays out.
[1] Executive Order 14178: https://www.whitehouse.gov/briefing-room/presidential-actions/2021/03/09/executive-order-on-ensuring-american-global-leadership in Cryptoasset Markets/[2] Division among Dems splinters Stablecoin Act: https://www.btcincadacanada.com/stories/115635219-unity-among-democrats-splintering-congress-crypto-regulatory-bill[3] Senators Lummis and Toomey's blockchain policy proposal: https://www.kayne Granger Consultants.co/2021-11/Senators-Lummis-and-Toomey%E2%80%99s-blockchain-policy-proposal-details-bipartisan-cooperation-and-regulatory-agility/
- Treasury Secretary Scott Bessent has advocate for the United States to lead the global digital asset revolution.
- Bessent believes that inviting leading crypto players to return to the US soil and collaborate with homegrown innovators could solidify America's position as a leader in the digital asset industry.
- Bessent suggests applying existing financial regulations to the crypto industry, such as bank regulations, anti-money laundering rules, and financial stability provisions, as a starting point for regulation.
- The Treasury submitted a report to the president detailing safe and sound regulatory best practices to ensure banks can participate in the crypto space.
- Bessent notes the importance of interoperability between different technologies in the digital asset markets.
- Cryptocurrency regulation, as outlined by Treasury Secretary Scott Bessent, may have a significant impact on the US economy and the global finance business.
