During his Senate confirmation hearing, Scott Bessent, President-elect Donald Trump’s nominee for Treasury Secretary, dismissed the idea of a U.S. central bank digital currency (CBDC), stating that such tools are unnecessary for the country.
“A CBDC seems more fitting for nations without robust investment opportunities,” Bessent remarked, signaling a skeptical stance on the concept.
While the Federal Reserve has studied the pros and cons of issuing a CBDC, its leaders, including Chair Jerome Powell, have emphasized that no such move would occur without congressional authorization.
Current Treasury Secretary Janet Yellen has encouraged further research but has maintained a cautious outlook. Critics, particularly among Republicans, warn that a CBDC could lead to heightened government oversight of personal transactions. Meanwhile, other nations continue to explore the technology, with 134 countries reportedly assessing or developing CBDCs.
Bessent, a proponent of cryptocurrency innovation, has publicly praised Trump’s supportive approach to digital assets. In an earlier interview, he expressed optimism about advancing crypto policies under the new administration. His nomination has received backing from advocacy groups like the Cedar Innovation Foundation, which described him as well-equipped to create a regulatory framework that could elevate the U.S. as a leader in blockchain technology.
As Treasury Secretary, Bessent is expected to prioritize fostering growth in the crypto sector while steering clear of government-issued digital currencies. His appointment signals a commitment to driving innovation in the financial ecosystem while maintaining a skeptical view of central bank-driven solutions.
In the case involving Terraform Labs and its co-founder Do Hyeong Kwon, the defense has asked the Federal Court for the Southern District of New York to extend the deadline for pretrial filings by two weeks, pushing it beyond the original date of July 1, 2025.
Coinbase has emerged as the best-performing stock in the S&P 500 for June, climbing 43% amid a surge of bullish momentum driven by regulatory clarity, product innovation, and deeper institutional interest in crypto.
Coinbase CEO Brian Armstrong has spotlighted a significant acceleration in institutional crypto adoption, driven largely by the surging popularity of exchange-traded funds and increased use of Coinbase Prime among major corporations.
The latest market turbulence, fueled by geopolitical tensions and investor fear, offered a textbook case of how sentiment swings and whale behavior shape crypto price action.