Treasury’s Bessent says crypto can help keep U.S. dollar dominant

dollar dominance — U.S. Treasury Secretary Scott Bessent stated that American leadership in digital assets is a strategic tool to reinforce the dollar’s global dominance, framing it as a key component of the U.S.-China technology race.

Speaking at a Ripple conference on Tuesday, Bessent placed crypto alongside artificial intelligence and semiconductors as areas where U.S. technological strength translates directly into economic influence. He argued that establishing clear federal rules for the sector could expand global demand for U.S. dollars and Treasury debt.

The Trump administration has already passed the GENIUS Act, creating a federal framework for stablecoins. Bessent suggested that, following the failure of broader digital asset legislation, the Treasury Department could collaborate with the Securities and Exchange Commission and the Commodity Futures Trading Commission to provide regulatory clarity.

He also highlighted the need to establish safeguards against the debanking of digital asset businesses, indicating a focus on ensuring crypto firms have access to traditional financial services. The remarks signal the administration’s intent to integrate cryptocurrency policy into its broader economic and geopolitical strategy.