“We are Going Big on Bitcoin and Crypto” Asserts U.S. Treasury Secretary Bessent

Treasury Secretary Scott Bessent has revealed that the Trump administration is prioritizing digital assets, signaling a major shift in federal cryptocurrency policy.

“The Trump Administration is going big on digital assets,” Bessent said during a Saturday interview on Bloomberg. “Why? Because the previous administration nearly destroyed the industry with its anti-innovation agenda and regulation-by-enforcement approach. No more.”

The Treasury Secretary’s comments come at a pivotal moment for crypto regulation. Congress is advancing groundbreaking stablecoin legislation that could reshape America’s digital payments landscape. Bessent emphasized that regulatory clarity remains paramount for the industry’s growth.

“Digital asset companies deserve regulatory clarity—and that’s exactly what we are working toward,” he stated. “Passing the stablecoin bill is just the start.”

His remarks follow significant legislative momentum, where the GENIUS Act received substantial bipartisan support earlier this week. The Senate voted 66-32 to advance the comprehensive stablecoin regulation bill, marking a historic achievement for crypto advocates who had lobbied extensively for federal clarity.

The GENIUS Act establishes stringent backing requirements for stablecoins, mandating that issuers maintain full reserves in dollars or equivalent liquid assets. Under the proposed framework, major players with market capitalizations exceeding $50 billion, including industry giants Tether and Circle, face mandatory annual audits.

The bill’s primary architect, Senator Bill Hagerty, praised it as bringing “America’s payments system into the 21st century” while preserving dollar dominance in global markets. The measure attracted support from 16 Democratic senators, representing unprecedented cross-party cooperation on cryptocurrency regulation.

David Sachs, Trump’s special advisor on artificial intelligence and cryptocurrency, predicted the legislation would generate “trillions of dollars” in demand for U.S. government bonds. Speaking to CNBC on Thursday, Sachs highlighted how stablecoin backing requirements would create substantial treasury security purchases, potentially benefiting federal financing.

However, the regulatory push faces opposition from some quarters. Senator Elizabeth Warren criticized the GENIUS Act, arguing it fails to address concerning aspects of Trump’s industry influence and potential risks from new stablecoin launches. Warren advocated for amendments preventing corporations from “issuing their own money.”

Meanwhile, industry advocacy groups celebrated the legislative progress. Stand With Crypto reported that cryptocurrency supporters sent over 60,000 letters to senators urging GENIUS Act approval, demonstrating significant grassroots mobilization behind regulatory reform efforts.

The administration’s pro-cryptocurrency stance represents a fundamental policy reversal from previous enforcement-focused approaches. Bessent’s weekend comments suggest that the Treasury will actively support digital asset innovation while implementing comprehensive regulatory frameworks.