U.S. Treasury Secretary Scott Bessent stated that the Trump administration will not support a U.S. central bank digital currency (CBDC) and called on Congress to advance the CLARITY Act to establish a clearer regulatory framework for digital asset businesses. This statement continues the Republican Party’s recent opposition to CBDCs and has once again made digital asset legislation a policy focus in Washington.
The White House reiterates it will not launch a digital dollar.
Bessenet stated at the White House briefing that a U.S. CBDC “is not under consideration.” He said the government is currently more focused on keeping digital asset businesses and innovation activities within the United States rather than allowing them to continue developing in less-regulated offshore markets.
According to him, many of the industry's problems stem from unclear regulations and business outflows, necessitating legislation to bring relevant activities under U.S. regulatory oversight. He also noted that the stablecoin bill, the GENIUS Act, has garnered bipartisan support, and the CLARITY Act is still under development.
The Republican Party continues to push for restriction bills.
Bensent’s statement aligns closely with the recent stance of Republican lawmakers. Within the Republican Party, there has been ongoing momentum to push for stricter restrictions on whether the U.S. should issue a government-backed digital dollar, with a focus on permanently blocking the Federal Reserve from issuing a CBDC.
Earlier this month, Representative Mike Flood stated that House Republicans removed a provision imposing a CBDC restriction set to expire in 2030 during their revision of the Senate version of the bill. Representative Warren Davidson has also criticized this “sunset clause,” arguing that it could leave room for future development of a digital dollar. House Majority Whip Tom Emmer continues to advocate for the Anti-CBDC Surveillance State Act.
The CLARITY Act remains pending in Congress.
Although Bessen urged Congress to act promptly, progress on the CLARITY Act faces resistance. Analysts generally believe there remains considerable uncertainty about whether the bill will pass Congress smoothly.
Last month, Bessent wrote in The Wall Street Journal that the Senate has limited time to address related issues, so Congress needs to move swiftly on legislation. He noted at the time that the digital assets market has reached $3 trillion, with approximately one in six Americans holding digital assets.
Currently, Congress is simultaneously considering multiple digital asset issues, including market structure rules, stablecoin regulation, and restrictions on CBDCs. Previously, debates over whether stablecoin issuers could offer yield-bearing products also slowed the progress of related legislation.