Key Takeaways:
- Treasury Secretary Scott Bessent expressed support for two crypto-related bills, emphasizing the need for strong market structure and stablecoin legislation.
- Bessent aligned with Republican efforts to make the U.S. a global crypto leader and voiced opposition to a U.S. central bank digital currency.
- The GENIUS Act and a new digital asset market structure bill face pushback from Democrats over regulatory and ethical concerns.
U.S. Treasury Secretary Scott Bessent expressed support for two major crypto bills during a May 7 congressional hearing, endorsing efforts to make the U.S. the “premier destination for digital assets.”
He emphasized the need for strong market structure and stablecoin legislation.
We believe the United States should be the premier destination for digital assets.
— Treasury Secretary Scott Bessent (@SecScottBessent) May 7, 2025
Digital assets are an important source of innovation that can drive usage of the U.S. dollar around the world with stablecoin legislation. pic.twitter.com/ZqWVMrjYaD
The two bills include a market structure proposal introduced by House Republicans on May 6 and the GENIUS Act, a stablecoin-focused bill expected in the Senate on May 8.
Bessent’s remarks align with the Trump administration’s pro-crypto agenda, including an executive order proposing a sovereign wealth fund and a national crypto reserve.
However, he reaffirmed opposition to a U.S. central bank digital currency (CBDC).
Political divisions emerged as Democrats pushed back.
Rep. Maxine Waters walked out of the hearing, condemning what she called “Trump’s crypto corruption”, following his private event for memecoin holders.
Meanwhile, nine Democratic senators opposed the GENIUS Act, demanding stronger AML rules, foreign issuer restrictions, and national security protections.
Despite Republican control of Congress, it remains uncertain whether either bill will pass, leaving the future of U.S. crypto regulation hanging in the balance.
About The Author
Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.
His extensive experience and features in top-tier publications like Forbes and CNN underscore his deep understanding of the crypto world and its future potential.
Check Adam out on: