U.S. Treasury Secretary Scott Bessent has launched a scathing critique against cryptocurrency firms opposing the Senate’s landmark market structure legislation, labeling their stance as “nihilistic” and “delusional.” His testimony before the Senate Banking Committee underscores a critical impasse in negotiations, primarily over provisions governing stablecoin yields. The conflict pits crypto giants like Coinbase against traditional banking interests, with the stability of the U.S. financial system hanging in the balance as America struggles to enact its first comprehensive crypto regulatory framework.
about Treasury Secretary Slams Crypto Firms Opposing Senate BillTreasury Secretary
0 in Finance and 1 in Crypto last weekUS Futures Steady, Trump Eyes Treasury’s Bessent for Dual Role
US equity futures are holding gains as markets await fresh labor market data, reflecting cautious optimism among investors. In a significant political development, President Trump’s aides are reportedly considering Treasury Secretary Scott Bessent to lead the White House National Economic Council while retaining his current role, a move contingent on Kevin Hassett becoming the next Federal Reserve chair. Meanwhile, the European Commission has launched a full-scale antitrust investigation into Meta over AI features in WhatsApp, signaling heightened regulatory scrutiny. Market analyst Mark Malek of Siebert Financial also weighs in on how the rise of AI could influence Treasury yields, adding a critical layer to the day’s financial narrative.
about US Futures Steady, Trump Eyes Treasury's Bessent for Dual RoleTreasury Secretary’s Bitcoin Bar Visit Sparks Policy Debate
US Treasury Secretary Scott Bessent’s surprise appearance at a Bitcoin-themed bar opening in Washington has ignited speculation about shifting government attitudes toward cryptocurrency. The visit comes amid ongoing discussions about Treasury potentially holding seized Bitcoin rather than immediately selling it. Both crypto enthusiasts and cautious observers are watching for concrete policy signals behind the symbolic gesture.
about Treasury Secretary's Bitcoin Bar Visit Sparks Policy DebateTrump Slams Fed’s Powell as ‘Grossly Incompetent’
Former President Donald Trump launched a blistering attack on Federal Reserve Chair Jerome Powell, calling him ‘grossly incompetent’ and threatening legal action over costly renovations at the central bank’s campus. During a US-Saudi investment event in Washington, Trump escalated his long-running criticism of Federal Reserve leadership while simultaneously targeting Treasury officials, joking that Treasury Secretary Scott Bessent should be fired if he fails to secure lower interest rates quickly.
about Trump Slams Fed's Powell as 'Grossly Incompetent'Treasury Secretary Praises Bitcoin’s Resilience in Policy Shift
In a historic reversal, U.S. Treasury Secretary Scott Bessent has publicly praised Bitcoin’s operational resilience, marking a dramatic shift from the government’s previous regulatory stance. His comments frame Bitcoin as critical infrastructure that Washington could learn from rather than suppress. This endorsement comes amid market pessimism but signals Bitcoin’s growing institutional acceptance.
about Treasury Secretary Praises Bitcoin's Resilience in Policy ShiftFed Chair Shortlist Revealed, Market Awaits Decision
Treasury Secretary Scott Bessent has named his five-person shortlist for the next Federal Reserve Chair, with a final decision expected by year-end. This development comes as financial markets brace for Wednesday’s crucial Federal Reserve policy announcement, with traders closely monitoring potential market catalysts. The timing of these events creates a pivotal moment for U.S. monetary policy direction, while Wikipedia founder Jimmy Wales provides parallel insights on trust-building in today’s polarized digital landscape.
about Fed Chair Shortlist Revealed, Market Awaits DecisionSouth Korea, US Shift Focus from Currency Swap to $350B Investment
South Korea and the United States are prioritizing the structure of Seoul’s massive $350 billion investment commitment over establishing a currency swap arrangement. Finance Minister Koo Yun Cheol revealed that US officials now recognize potential risks to South Korea’s foreign-exchange market from rapid fund deployment. The shift in focus comes as both nations continue high-level discussions about financial cooperation.
about South Korea, US Shift Focus from Currency Swap to $350B InvestmentSummers: US Should Lead Global Financial Stability Efforts
Former Treasury Secretary Lawrence Summers has weighed in on the Trump administration’s unconventional rescue plan for Argentina, describing the arrangement as distinctive while withholding final judgment. In comments made on Bloomberg Television’s Wall Street Week, Summers emphasized that the United States should take a leadership role in supporting countries facing sudden liquidity crises, reinforcing his longstanding belief in America’s responsibility to maintain global financial stability.
about Summers: US Should Lead Global Financial Stability EffortsUS Won’t Let China Control Rare Earths, Tariffs Delayed
In a significant policy clarification, Treasury Secretary Scott Bessent outlined the Biden administration’s dual-track approach to China relations during a Wednesday press conference at the Treasury Department. While emphasizing the United States’ desire to assist rather than harm China’s economy, Bessent drew a firm line on rare earth minerals, declaring that the US and its allies will not permit Chinese dominance over these critical resources. The Treasury Secretary also revealed that implementation of additional 100% tariffs on Chinese goods could be delayed as both nations prepare for upcoming leader negotiations in South Korea.
about US Won't Let China Control Rare Earths, Tariffs DelayedUS Treasury Clarifies Bitcoin Reserve Strategy Amid Market Fluctuations
Treasury Secretary Scott Bessent’s initial remarks about the US government halting Bitcoin purchases briefly rattled markets, causing a 3.7% drop in BTC prices. However, a later clarification confirmed the administration’s commitment to building a Strategic Bitcoin Reserve (SBR) using forfeited assets and exploring budget-neutral acquisition methods. Senator Cynthia Lummis reinforced the need for the BITCOIN Act, which proposes a structured five-year purchase program and gold revaluation to fund the SBR without new debt. The episode highlighted the ongoing policy debate around expanding the US Bitcoin reserve while maintaining fiscal discipline.
about US Treasury Clarifies Bitcoin Reserve Strategy Amid Market FluctuationsFed Chair Candidates Emerge as Trump-Putin Meet Looms
Congressman Troy Downing discusses the Federal Reserve’s future amid reports that the Trump administration is evaluating multiple private sector candidates for Fed Chair, including figures from Jefferies LLC and BlackRock Inc. Treasury Secretary Scott Bessenton confirmed around 10 candidates are being considered to succeed Jerome Powell when his term ends in May. The developments coincide with heightened anticipation over the upcoming Trump-Putin meeting, adding another layer of significance to the Fed’s leadership transition.
about Fed Chair Candidates Emerge as Trump-Putin Meet LoomsFed Urged to Consider 50bps Rate Cut After Weak Data
Treasury Secretary Scott Bessent urged the Federal Reserve to consider a 50-basis-point rate cut in September, citing downward revisions to May and June employment figures and July inflation data that came in slightly above expectations at 2.7% year-over-year. Crypto markets responded positively, with Ethereum reaching multi-year highs as traders priced in potential rate cuts. Lower rates could encourage spending and investment, pushing investors toward risk assets like crypto. While a 25-basis-point cut seems likely, the Fed must still weigh upcoming jobs and inflation data. Market optimism remains cautious, with traders hedging against potential downside risks in Q3.
about Fed Urged to Consider 50bps Rate Cut After Weak Data