Treasury Secretary Scott Bessent confirms the U.S. will not pursue a digital dollar, emphasizing a preference for private stablecoins.
The Biden administration has made it clear that it will not pursue the creation of a central bank digital currency (CBDC), according to Treasury Secretary Scott Bessent.
Bessent has been a long-time critic of CBDCs, echoing the previous administration's decision to abandon plans for a Federal Reserve digital currency in favor of private dollar-backed stablecoins.
"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 stated.
In his confirmation hearing in January 2025, Bessent expressed his opposition to the CBDC initiative, and in February 2026, he emphasized that the market would favor the dollar and private sector innovations over government-issued digital currencies.
Simultaneously, the Treasury is advancing its own cryptocurrency agenda. In April, Bessent urged Congress to expedite the CLARITY Act, highlighting that regulatory uncertainty is driving innovation and investment away from the U.S. to places like Singapore and Abu Dhabi.
That same month, the Treasury introduced a draft regulation for the GENIUS Act, aimed at establishing a regulatory framework for stablecoins.
In July, Bessent hailed stablecoins as a transformative force in digital finance, asserting they could enhance the dollar's global standing and boost demand for U.S. Treasury bonds.
Notably, in July 2025, former President Trump signed the GENIUS Act into law, marking a significant regulatory milestone for the cryptocurrency sector in the United States.
