The head of the Treasury Department has consistently opposed CBDC and holds the line of Donald Trump’s administration, which after the January executive order abandoned the idea of the Fed’s digital currency and bet on private dollar-stablecoins, writes forklog.com.
“The current administration has made it clear that there will be no central bank digital currency. It would be the first step toward surveillance, so we have eliminated that option from the discussion,” Bessent said.
Back in January 2025, during his confirmation in office, Bessent publicly rejected the CBDC initiative. In February 2026, he said the global market would choose the dollar and private sector solutions over government digital currencies.
In parallel, the Ministry of Finance is promoting its own cryptocurrency agenda. In April, Bessent urged Congress to fast-track the CLARITY Act, warning that regulatory uncertainty is already driving developers and capital to Singapore and Abu Dhabi.
That same month, the agency unveiled draft rules to implement the GENIUS Act, a framework for regulating stablecoins.
In July, Bessent called steblecoins a “revolution” in digital finance. He estimated that they could strengthen the dollar’s position in the world and support demand for U.S. Treasuries.
