U.S. Treasury Secretary Scott Bessent praised current crypto legislation while bolstering his belief in the blockchain sector during a May 7 House Financial Services Committee Hearing.
During the hearing titled “The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System,” Bessent doubled down on his conviction that U.S. lawmakers should develop “good market structure” so the country’s “best practices are used around the world.”
“We believe the United States should be the premier destination for digital assets,” he said. “Digital assets are an important source of innovation that can drive usage of the U.S. dollar around the world with stablecoin legislation.”
Crypto-friendly comments from Scott Bessent come amid a turbulent week regarding the establishment of a regulatory framework for the digital asset industry.
On Monday, several key House Republicans, including House Financial Services Committee Chair Representative French Hill, unveiled the discussion draft of their Digital Asset Market Structure Bill, seeking to enact comprehensive federal crypto regulation.
“Our discussion draft builds upon that work and provides much-needed regulatory clarity for the digital asset ecosystem by protecting consumers and safeguarding the long-term integrity of digital asset markets in the United States,” Hill said in a May 5 statement.
Crypto Causes Partisan Clash In Congress
A House Financial Services Committee hearing titled “American Innovation and the Future of Digital Assets: A Blueprint for the 21st Century” was then held on Tuesday, though a handful of House Democrats, spearheaded by ranking member Maxine Waters, stormed out in protest of U.S. President Donald Trump’s crypto ventures.
“I object to this joint hearing because of the corruption of the President of the United States and his ownership of crypto and his oversight of all the agencies,” Waters said.
Whether emerging crypto legislation will advance or be halted by political gridlock is still unclear.
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