US Treasury backs 2 crypto bills worth billions

US Treasury Secretary Scott Bessent expressed support for two cryptocurrency-related bills currently under review in Congress during a House Financial Services Committee hearing on May 7.

Bessent emphasised the importance of the United States becoming the “premier destination for digital assets” in response to concerns about China’s growing influence in the crypto sector.

He highlighted that “good market structure” and “stablecoin legislation” are necessary to maintain American leadership in digital asset innovation.

The bills referenced include a digital asset market structure bill drafted by House Republicans on May 6 and the GENIUS stablecoin regulation bill expected to be voted on in the Senate on May 8.

Bessent, a Trump administration nominee, has supported the president’s crypto policy initiatives, including an executive order to establish a sovereign wealth fund and participation in a working group focused on federal stablecoin regulations and a national crypto stockpile.

During his confirmation hearing, Bessent also indicated opposition to a US-issued central bank digital currency while serving as Treasury Secretary.

Despite this backing, the bills face opposition from some Democratic lawmakers concerned about conflicts of interest tied to former President Trump’s crypto ventures.

Representative Maxine Waters led a walkout during a May 6 hearing on the Republican market structure bill, citing the need to investigate “Trump’s crypto corruption.”

Additionally, nine Senate Democrats have stated they will not support the GENIUS stablecoin bill without stronger anti-money laundering measures and national security safeguards.

With Republicans controlling both chambers of Congress, it remains uncertain whether these bills will secure enough votes to pass.