US Dollar Safe as Crypto Isn’t a Threat: Bessent
Treasury Secretary Bessent explains why “crypto isn’t a threat” to the US dollar, highlighting stability, regulation, and public trust.
- Bessent cites the dollar’s global stability and backing.
- He suggests smart regulation supports innovation.
- Public trust in the dollar outweighs crypto adoption.
Treasury Secretary Scott Bessent opened by stressing that crypto isn’t a threat to the dollar because of the U.S. currency’s deep-rooted trust among global users. He highlighted the dollar’s centuries-long credibility, its role in international trade, and its status as the world’s primary reserve currency. Those foundations aren’t easily shaken by newer, more volatile digital assets.
Regulation Fosters Stability
Bessent also noted that thoughtful regulation can help the crypto sector—and even bolster confidence in the dollar. He pointed to ongoing efforts by regulators to target fraud, enforce consumer protections, and strengthen transparency. In his view, clear rules can curb risks while supporting innovation. He suggested that regulation doesn’t suppress crypto, it guides its growth in ways that safeguard financial stability.
Long-Term Outlook Is Unchanged
Finally, Bessent addressed speculation about central bank digital currencies (CBDCs). He emphasized that while the US explores a digital dollar, it won’t replace the physical dollar anytime soon. The digital versions would complement—not threaten—the dollar’s foundation. He concluded by reaffirming that as long as the U.S. maintains stable monetary policy and regulatory clarity, crypto isn’t a threat to its role globally.
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