The secretary of the U.S. Treasury Department says the Trump administration is committed to making America a global crypto hub.
In a post on the social media platform X, Scott Bessent says the White House is going all out on digital assets because the "anti-innovation agenda and regulation-by-enforcement approach" of the previous administration nearly destroyed the industry.
"We are going big on digital assets. The Trump administration has made digital assets a priority. The past administration starved and almost made extinct a lot of these companies and pushed them offshore."
He says the government is particularly focused on stablecoins - cryptocurrencies pegged to commodities and or fiat currencies such as the US dollar.
"What we want to do is apply the highest US regulatory and AML (anti-money laundering) standard to digital assets, especially stablecoins."
Bessent also says stablecoins can ultimately drive strong demand for US debt.
"I've seen estimates that just over the short term, stablecoins could create $2 trillion of demand for US Treasuries and Treasury bills. Put that in context, the number is probably about $300 billion right now...
Digital asset companies deserve regulatory clarity - and that's exactly what we are working toward. Passing the stablecoin bill is just the start."
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