Treasury Secretary Scott Bessent declared that CBDCs have been removed from the agenda and urged Congress to pass the Clarity Act as soon as possible.
U.S. Treasury Secretary Scott Bessent reiterated the Trump administration's firm stance on Thursday: there will be no central bank digital currency (CBDC) in the United States. Speaking at a White House press briefing , Bessent described CBDCs as "the first step toward tracking" people and asserted that the issue has been completely removed from the agenda.
This stance is consistent with his statement at his nomination hearing in January 2025, when he argued thatCBDCs are merely a tool for countries with no other investment options.
The focus has shifted to the Clarity Act and the digital asset framework.
Instead of CBDCs, the Trump administration is focusing on bringing digital assets into the country through a clear legal framework. Bessent mentioned the GENIUS Act on stablecoins, which was passed with bipartisan support, and urged the House and Senate to quickly finalize the Clarity Act, a bill that would establish comprehensive rules for the digital asset sector.
He argued that the irrational behavior in the cryptocurrency market stems from the fact that this activity takes place outside the United States, in an unregulated environment, and the solution is to bring it back under legal supervision.
However, the path to the Clarity Act remains fraught with obstacles. The bill was passed by the Senate Banking Committee earlier this month after numerous delays due to debates over stablecoin rewards and ethical provisions.
Jaret Seiberg, managing director at TD Cowen's Washington Research Group, believes the bill will need to add conflict-of-interest criteria applicable to the president in order to secure enough Democratic votes to pass the Senate.
President Trump also added to the political heat when he wrote on Truth Social on Wednesday that the administration would codify a “future-proof” digital asset market structure that could not be reversed by anti-cryptocurrency opponents in future administrations.
