Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesBotsEarnCopy
Trump's Treasury pick Scott Bessent says he sees 'no reason' for a US CBDC

Trump's Treasury pick Scott Bessent says he sees 'no reason' for a US CBDC

The BlockThe Block2025/01/15 16:00
By:The Block

Quick Take “I see no reason for the U.S. to have a central bank digital currency,” said Treasury Secretary nominee Scott Bessent during his nomination hearing. The Federal Reserve has been exploring the possibility of issuing a CBDC, but central bank officials have thrown cold water on the idea in the past.

Trump's Treasury pick Scott Bessent says he sees 'no reason' for a US CBDC image 0

President-elect Donald Trump's pick for Treasury Secretary Scott Bessent says he sees "no reason" for the U.S. to have a central bank digital currency.

During his nomination hearing on Thursday before the Senate Finance Committee, the hedge fund manager was asked how he would approach discussions surrounding CBDCs. A CBDC is a digital form of fiat money, directly issued and regulated by the central bank of a country.

"I see no reason for the U.S. to have a central bank digital currency," Bessent said. "In my mind, a central bank digital currency is for countries who have no other investment alternatives."

The Federal Reserve has been exploring the possibility of issuing a CBDC and released a report in 2022 examining the pros and cons of a CBDC, but central bank officials have thrown cold water on the idea in the past. Fed Chair Jerome Powell has also said the Fed won't issue a CBDC without congressional approval. Current Treasury Secretary Janet Yellen has encouraged research to figure out o pportunities and challenges for a CBDC and has signaled a cautious approach.

Some Republican lawmakers have been staunchly opposed to a CBDC and say a CBDC could open the door to government surveillance of peoples' transactions. So far 134 countries, representing 98% of global GDP, are exploring a CBDC in some way, according to the Atlantic Council ; That figure includes the United States.

Bessent, tapped by Trump in late November, has spoken positively about crypto. Bessent told Fox Business in July he was "excited about the president's embrace of crypto."

Crypto-advocacy group the Cedar Innovation Foundation supported Bessent's nomination.

"Scott Bessent is an exceptionally qualified leader ready to implement the pro-crypto mandate voters delivered last November," Colin McLaren, CIF's engagement director, said in a statement on Wednesday. "As Secretary of the Treasury, he will play a critical role in shaping and implementing a regulatory framework for crypto that will lay the foundation for American leadership, innovation and growth."


0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Texas Protects Bitcoin Reserves, SB21 Decision by June 22 ✅

Texas shields off‑treasury Bitcoin reserves and awaits SB21 outcome by June 22 on state crypto investments.New Safeguards for Bitcoin ReservesSB21: A Pivotal Decision NearsWhy This Move MattersKey TakeawaysWhat’s Next

Coinomedia2025/06/21 10:24
Texas Protects Bitcoin Reserves, SB21 Decision by June 22 ✅

Bearish Capitulation Sparks Bitcoin Momentum Reversal

Bitcoin demand momentum is deeply negative—bear capitulation may signal a reversal is at hand.Bear Capitulation: A Turning Point?Bitcoin Demand Momentum Hits LowsSigns of a Reversal BuildingConclusion

Coinomedia2025/06/21 10:24
Bearish Capitulation Sparks Bitcoin Momentum Reversal

CoinMarketCap Removes Malicious Wallet Popup Prompt

CoinMarketCap removed a phishing wallet-verify popup today, secured its systems, and continues security checks.Phishing Alert on CoinMarketCapCommunity & Wallets Raised the AlarmSecurity Under ScrutinyConclusion

Coinomedia2025/06/21 10:24
CoinMarketCap Removes Malicious Wallet Popup Prompt

Wish You Bought Cardano Early? Qubetics is the Popular Crypto Coin to Buy Now With a 40X Forecast

Qubetics enters its final presale phase with a live dVPN, real utility, and limited supply. Early buyers eye gains like early Cardano investors.Why Qubetics dVPN is a Core Feature Behind This Popular Crypto Coin to Buy TodayCardano: Missed Wealth That’s Still RememberedThe Verdict

Coinomedia2025/06/21 10:24
Wish You Bought Cardano Early? Qubetics is the Popular Crypto Coin to Buy Now With a 40X Forecast