{"id":128788,"date":"2025-05-07T20:15:55","date_gmt":"2025-05-07T20:15:55","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=128788"},"modified":"2025-05-07T20:15:55","modified_gmt":"2025-05-07T20:15:55","slug":"us-treasury-secretary-expresses-support-for-crypto-bills-at-hearing","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=128788","title":{"rendered":"US Treasury Secretary expresses support for crypto bills at hearing"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsSpeaking at a hearing, US Treasury Secretary Scott Bessent toed the party line in suggesting support for two crypto-related bills moving through Congress.<br \/>\nBessent addressed lawmakers at a May 7 hearing of the House Financial Services Committee, saying that the United States should be the \u201cpremier destination for digital assets\u201d in response to a question about American dominance over China in crypto-related innovation. The Treasury Secretary added that \u201cgood market structure\u201d and \u201cstablecoin legislation\u201d could help ensure this outcome.<br \/>\nUS Treasury Secretary speaking at a May 7 hearing. Source: Scott BessentBessent\u2019s remarks echoed those of other Republican lawmakers and President Donald Trump, who initially claimed he wanted to make the US the \u201ccrypto capital of the world\u201d during his 2024 campaign. The Treasury Secretary was likely referring to the draft of a digital asset market structure bill released by House Republicans on May 6 and the GENIUS bill to regulate stablecoins, expected to be taken up for a vote in the Senate on May 8.<br \/>\nThe Treasury Secretary, a Trump nominee, has stood by the president for significant announcements in crypto-aligned policy, including an executive order to establish a sovereign wealth fund and as a member of a working group to explore federal regulations for stablecoins and a national crypto stockpile. He suggested during a confirmation hearing that he would oppose the creation of any US-issued central bank digital currency while in office.<br \/>\nRelated: Bitcoin \u2018Realized Cap\u2019 hits $890B as BTC traders focus on recapturing $100K<br \/>\nDemocrats push back on crypto bills amid memecoin dinner controversy<br \/>\nEven before announcing that he intended to hold an exclusive dinner and VIP tour for some of his top memecoin holders, Trump faced scrutiny from many lawmakers over allegations of conflicts of interest surrounding his crypto ventures. However, the dinner announcement seemed to galvanize some Democrats against any crypto-related legislation.<br \/>\nRepresentative Maxine Waters, ranking member of the House Financial Services Committee, led a walkout of a hearing addressing the Republican-drafted crypto market structure bill on May 6, citing the need to explore \u201cTrump\u2019s crypto corruption.\u201d A group of nine Democrats in the Senate likewise said they will not support the GENIUS stablecoin bill in its current form, suggesting stronger Anti-Money Laundering, foreign issuer, and national security safeguards.<br \/>\nIt\u2019s unclear at the time of publication whether Republicans, who control both chambers, will still have the votes to pass either bill.<br \/>\nMagazine: Trump\u2019s crypto ventures raise conflict of interest, insider trading questions<a href=\"https:\/\/cointelegraph.com\/news\/us-treasury-secretary-crypto-bills-during-hearing?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsSpeaking at a hearing, US Treasury Secretary Scott Bessent toed the party line in suggesting support for two crypto-related bills moving through Congress. Bessent addressed lawmakers at a&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128788"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=128788"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128788\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=128788"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=128788"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=128788"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}