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Treasury Secretary Scott Bessent argues that stablecoins could reinforce the U.S. dollar’s global supremacy, urging swift federal crypto legislation. Meanwhile, President Trump pushes Congress to fast-track the GENIUS Act following Senate approval, reversing last month’s procedural failure.
- Treasury Secretary Scott Bessent advocates for stablecoins as a tool to reinforce U.S. dollar supremacy, dismissing crypto as a threat.
- The GENIUS Act, now Senate-approved, faces political hurdles amid concerns over conflicts of interest and national security provisions.
- Industry experts warn that political infighting and social media-fueled conspiracy theories could destabilize trust in crypto legislation.
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Other Tags: US Dollar, Scott Bessent, Biden administration, Congress, Offchain Labs, Senate, Treasury Secretary