The current U.S. administration will not allow the introduction of a central bank digital currency (CBDC). This was stated by Treasury Secretary Scott Bessent.
The Treasury head has consistently opposed CBDCs, aligning with the stance of Donald Trump's administration, which abandoned the idea of a Fed digital currency following a January executive order and opted for private dollar stablecoins instead.
"The current administration has clearly stated that there will be no central bank digital currency. It would be the first step toward surveillance, so we have ruled this option out of discussion," Bessent said.
Back in January 2025, during his confirmation, Bessent publicly rejected the initiative to create a CBDC. In February 2026, he stated that the global market would choose the dollar and private sector solutions over government digital currencies.
Meanwhile, the Treasury is promoting its own crypto agenda. In April, Bessent urged Congress to expedite the passage of the CLARITY Act, warning that regulatory uncertainty is already driving developers and capital to Singapore and Abu Dhabi.
In the same month, the department introduced a draft regulation for implementing the GENIUS Act — a framework for stablecoin regulation.
In July, Bessent called stablecoins a "revolution" in digital finance. He believes they can strengthen the dollar's position globally and support demand for U.S. Treasury bonds.
It is worth noting that in July 2025, Trump signed the GENIUS Act, which established rules for stablecoins and became the first significant regulation for the crypto industry in the country.