Investing.com — Treasury Secretary Bessent delivered remarks at the launch of the White House Digital Assets Report, highlighting the administration’s efforts to position the United States as “the crypto capital of the world.”
Bessent stated that President Trump has fulfilled his promise made one year ago to transform America into a global crypto leader. He contrasted the current administration’s approach with the previous one, which he characterized as waging a “four-year siege” against digital assets through regulatory actions that drove fintech innovation offshore.
The Treasury Secretary described November 4, 2024, as “America’s Hard Fork on digital assets,” marking a significant policy shift. Since taking office, the administration has formed the Presidential Working Group on Digital Asset Markets and signed an executive order to advance blockchain innovation.
David Sacks, described as “a respected founder and payments expert,” was appointed as the White House AI and Crypto Czar. The administration has also replaced what Bessent called “adversarial actors” at federal agencies with “pro-innovation policymakers.”
Bessent noted that the administration has ended what he termed “regulatory persecution” by closing enforcement actions against major crypto companies and supported passage of the GENIUS Act, which provides regulatory clarity for the stablecoin market.
The next priority, according to Bessent, is passing market structure legislation like the bipartisan CLARITY Act through the Senate to provide “clear rules of the road for the entire industry.”
The Working Group Report contains over 100 regulatory and legislative recommendations covering illicit finance, crypto taxation, stablecoins, and bank regulations for digital assets.
Bessent concluded by inviting global entrepreneurs to bring their crypto businesses to the United States, stating, “America’s digital asset frontier is open again.”
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