During his Senate confirmation hearing, Scott Bessent, the nominee for Treasury Secretary, voiced his strong opposition to the idea of a US central bank digital currency. He stated that the Federal Reserve should not issue a digital dollar, citing that such a move is more suitable for countries with limited investment options. Bessent emphasized that the US has no need for a central bank digital currency, unlike dozens of other countries, including China, that have launched or piloted similar projects out of necessity. When questioned about the department's approach to financial crimes and terrorist financing, Bessent advocated for a modern approach to digital currencies, saying, 'I believe we have to have a 2025 approach.' His sentiment was welcomed by the crypto community, with the Ceder Innovation Foundation praising his forward-thinking outlook.
Bessent's pro-crypto stance is further reinforced by his personal investment in a bitcoin exchange-traded fund, demonstrating his commitment to the industry. He has previously stated that 'crypto is about freedom and the crypto economy is here to stay,' showcasing his support for the digital currency sector.