SEC commissioner Hester Peirce discusses cryptocurrency enforcement and regulation on The Claman Countdown.
Treasury Secretary Scott Bessent on Wednesday provided insights into how the Trump administration plans to strategy the regulation of the digital asset trade throughout a congressional listening to.
Bessent testified earlier than the Home Monetary Providers Committee concerning the worldwide monetary system and mentioned the administration desires the digital property trade to come back to the U.S. and play a worldwide management function within the sector.
“We believe that the United States should be the premier destination for digital assets,” Bessent mentioned.
“Our goal is to encourage firms to reshore, reshore or bring back to the United States best practices that are digital asset innovation and experimentation here in the United States without scaling back their ambition to influence the global industry,” he added. “The administration’s efforts to promote clear regulatory frameworks for digital assets will contribute to this goal. So will ongoing efforts to promote fair access, interoperability of payment technologies across all borders. We will continue to support private sector solutions and discourage public sector solutions that distort markets and stifle competition.”
STABLECOIN BILL, ORIGINALLY BIPARTISAN, HITS SNAG AS DEMS SPLINTER
Treasury Secretary Scott Bessent mentioned the U.S. economic system would profit from a powerful digital asset trade. (Kayla Bartkowski/Getty Photographs / Getty Photographs)
A lawmaker requested the treasury secretary about what the unfavorable impacts could be if the U.S. does not take a management function in regulating the digital asset trade.
“Well, numerous things could occur, sir, as we saw under the previous administration,” Bessent mentioned. “An entire ecosystem, unregulated and renegade springs up outside the U.S. and illicit actors abused the value of these transfer systems and there is a technological loss here.”
DIGITAL ASSETS GROUP OUTLINES BLOCKCHAIN POLICY GOALS
Bessent mentioned that the U.S. is engaged on regulatory frameworks for digital property like bitcoin. ((Photograph credit score ought to learn KAREN BLEIER/AFP through Getty Photographs) / Getty Photographs)
Bessent mentioned that he is had conversations with monetary trade regulators about their experiences with digital asset rules and the function that the U.S. might play within the trade.
“They believe it is very important, and I believe that they are a little worried that the U.S. is willing to restore its leadership here. And as I said earlier, there is a chance that digital assets can provide a substantial source of demand for the U.S. dollar,” Bessent mentioned.
When it comes to the types of regulatory regimes that could possibly be utilized to digital property, Bessent mentioned that there are current frameworks for monetary rules that may be utilized to the rising trade.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
“I think that we have the blueprint with the bank regulation and adherence to anti-money laundering laws around the world, financial stability, and then I would guess that 70% of the countries would be very easy to judge yes/no, and then there will be another group. That’s why I believe that some of the bills encouraged phasing this in.”
Bessent added that the Treasury Division just lately delivered a report back to the president on the topic “so we have safe and sound best practices and want to work with the financial industry, with new companies and entrepreneurs, as well as incumbents, the banks. There is a solution [for] banks to participate in this business whether it’s through custody or their own coins.”
