U.S. Treasury Secretary Scott Bessent said dollar-backed stablecoins could bolster the dollar’s global role and broaden the reach of U.S. crypto rules as the administration seeks to draw firms into its regulatory system.
On Friday, Oct. 23, Bessent told The Clay Travis and Buck Sexton Show that stablecoins would be important in payments and transfers. He said their broad dollar backing could help sustain the currency’s international standing.
He said U.S. rules might guide regulators elsewhere. Bessent blamed offshore activity for some crypto problems and said bringing firms into the United States would let officials apply U.S. practices, potentially persuading other governments to follow suit.
He pointed to the GENIUS Act, which covers stablecoins, as one element of the administration’s regulatory effort. Bessent accused the Biden administration of nearly destroying the digital-asset industry, citing Wells notices, companies’ loss of bank-account access, and pressure on venture capital investors and businesses.
