{"id":244881,"date":"2026-10-28T14:14:36","date_gmt":"2026-10-28T14:14:36","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=244881"},"modified":"2026-10-28T14:14:36","modified_gmt":"2026-10-28T14:14:36","slug":"u-s-treasury-says-u-s-will-win-in-the-digital-asset-stack-as-clarity-act-stalls","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=244881","title":{"rendered":"U.S. Treasury Says U.S. \u2018Will Win in the Digital Asset Stack\u2019 as Clarity Act Stalls"},"content":{"rendered":"

Bitcoin Magazine<\/a><\/p>\n

U.S. Treasury Says U.S. \u2018Will Win in the Digital Asset Stack\u2019 as Clarity Act Stalls<\/a><\/p>\n

<\/div>\n

U.S. Treasury Secretary Scott Bessent<\/a> said Tuesday that American leadership in digital assets could reinforce the dollar\u2019s global position, even as Congress has stalled on the market-structure legislation meant to govern them.<\/p>\n

Speaking at Ripple\u2019s Swell conference in New York with CEO Brad Garlinghouse, Bessent argued that the foundations of reserve-currency power are shifting. For much of modern history, he said, the dollar\u2019s dominance rested largely on military strength.\u00a0<\/p>\n

\u201cWe will keep our military umbrella, but increasingly, it becomes a technological umbrella,\u201d he said.\u00a0<\/p>\n

He grouped digital assets with artificial intelligence and semiconductors as areas where the United States and China are competing to build dominant infrastructure, and suggested the financial rails countries choose will shape the dollar\u2019s reach.<\/p>\n

The most concrete link he drew runs through stablecoins, dollar-pegged tokens whose issuers typically hold reserves that include U.S. Treasury securities. Bessent said stablecoins could give people in countries with high inflation or volatile currencies easier access to dollars.\u00a0<\/p>\n

CoinGecko data<\/a> puts the share of stablecoins denominated in dollars above 98%, with Tether\u2019s USDT and Circle\u2019s USDC the largest. Bessent himself put the figure above 90%. The exact number differs, but the dollar clearly dominates the category.<\/p>\n

\n

NEW: Secretary Scott Bessent says the Treasury is moving on crypto regulation with or without Congress<\/p>\n

He says they will \u201cbring the SEC and CFTC together to close the gaps through regulation.\u201d pic.twitter.com\/JnsT3oxVEn<\/a><\/p>\n

\u2014 Bitcoin Magazine (@BitcoinMagazine) October 28, 2026<\/a>\n<\/p><\/div>\n

Bessent has also argued that stablecoin reserves could increase demand for Treasury debt. Last year he suggested stablecoins could generate $2 trillion in short-term demand for Treasuries and bills. That projection depends on how quickly stablecoin supply grows, what reserve rules apply, and how issuers choose to invest.<\/p>\n

Bitcoin traded around $80,000 to $81,000<\/a> this week ahead of the Federal Reserve decision. Bitcoin advocates have long argued that a neutral, non-issuer asset offers something different from dollar-pegged tokens.<\/p>\n

Broader crypto legislation trends<\/h2>\n

The regulatory backdrop is more uncertain. The Comptroller of the Currency has finalized its rule implementing the GENIUS Act<\/a>, which sets requirements for payment stablecoin issuers. The federal framework takes effect January 18, 2027.\u00a0<\/p>\n

The broader CLARITY Act, which would establish market-structure rules for digital assets, failed a Senate procedural vote on September 15, 49 to 50, short of the 60 votes needed. Disputes included ethics provisions related to federal officials\u2019 crypto interests and stablecoin yield.\u00a0<\/p>\n

Banks and the White House clashed over those yield terms.<\/a><\/p>\n

Treasury Bessent\u2019s willingness to work around Clarity Act failure<\/h2>\n

Bessent called the setback disappointing. He said Treasury could work with the Securities and Exchange Commission and the Commodity Futures Trading Commission to address regulatory gaps. \u201cAt Treasury, we have a lot of convening powers,\u201d he said, describing the agencies as \u201cgreat partners.\u201d\u00a0<\/p>\n

He also said regulators could set guardrails to prevent banks from cutting off crypto firms, a practice known as debanking.\u00a0<\/p>\n

\u201cI think we can set up regulatory best practices, guardrails that will prevent that from happening again,\u201d he said.<\/p>\n

Those remarks did not set out a formal plan, working group, or timeline. Agency action can clarify rules within existing authority, but it lacks the permanence of an act of Congress, and it can be reversed by a future administration.\u00a0<\/p>\n

Next week\u2019s midterm elections could further stall the CLARITY Act<\/a>, according to TD Cowen.<\/p>\n

This post U.S. Treasury Says U.S. \u2018Will Win in the Digital Asset Stack\u2019 as Clarity Act Stalls<\/a> first appeared on Bitcoin Magazine<\/a> and is written by Micah Zimmerman<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin Magazine U.S. Treasury Says U.S. \u2018Will Win in the Digital Asset Stack\u2019 as Clarity Act Stalls U.S. Treasury Secretary Scott Bessent said Tuesday that American leadership in digital assets could reinforce the dollar\u2019s global position, even as Congress has stalled on the market-structure legislation meant to govern them. Speaking at Ripple\u2019s Swell conference in […]<\/p>\n","protected":false},"author":0,"featured_media":244882,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-244881","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/244881"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=244881"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/244881\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/244882"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=244881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=244881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=244881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}