U.S. Treasury Secretary Scott Bessent says the United States has entered a golden era of cryptocurrency as it looks to unlock new possibilities with blockchain technology.
Summary
- U.S. Treasury Secretary Scott Bessent posted on X that the U.S. has entered a new age with crypto.
- Companies and protocols should build their projects in the United States as the sector receives much needed regulatory clarity and support.
Bessent’s comments come as the U.S. cryptocurrency space experiences notable growth and backing under President Donald Trump.
Among key milestones are the landmark Genius Act, the President’s Working Group on Digital Assets report, and the Securities and Exchange Commission’s “Project Crypto” initiative. The Treasury Secretary has previously voiced his support for crypto by vowing to help make the U.S. the destination for the world’s crypto capital.
With the U.S. entering a golden age in crypto, Bessent says the industry can help advance this further by founding companies and launching protocols in the United States.
“Under POTUS we are exploring new possibilities in decentralized computing and digital payments to unlock the potential of blockchain technology,” the Treasury Secretary posted on X.
Ending the war on crypto
Bessent also highlighted America’s march to the “Golden Age of Crypto” in a speech on July 30 as the PWG report was released.
According to him, Trump’s election as the 47th U.S. president marked a key moment in the country’s crypto journey.
What that moment “ushered in stands in stark contrast to recent history”, he noted. Regulation is a key win.
“Before President Trump took office, digital assets endured a four-year siege from a hostile White House that took extraordinary measures to drive fintech innovation offshore,” Bessent said.
Things have changed since, with the previous administration’s “anti-crypto army” that dominated key government agencies now out. Crypto is now a central component of U.S. digital asset policy, and legitimate businesses can take advantage, particularly in areas such as Bitcoin mining and stablecoin issuance.
On July 31, SEC Chair Paul Atkins said Project Crypto aims to support Trump’s vision of making America the crypto capital of the world.
The SEC also eyes simple rules of engagement for the crypto market, one of the steps towards attracting crypto companies back to the U.S. SEC has also moved to encourage regulatory compliance with new listing standards for crypto exchange-traded funds.
