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Bessent calls for CLARITY Act passage, says no CBDC under Trump

Treasury Secretary Scott Bessent stated that the Trump administration remains opposed to creating a central bank digital currency (CBDC). He also encouraged Congress to pass laws that would provide clearer rules for the digital asset industry.

Summary

  • Treasury Secretary Scott Bessent said the Trump administration will not allow a U.S. central bank digital currency and wants digital asset activity brought onshore.
  • Bessent urged Congress to pass the CLARITY Act, arguing that clear rules are needed as the digital asset industry continues to grow.
  • Republican lawmakers are also pushing legislation and amendments that would permanently block the Federal Reserve from issuing a CBDC.

During a White House press briefing on Thursday, Bessent stated that the U.S. government is not considering creating its own digital currency (CBDC). Instead, the administration is focused on supporting the growth of digital asset companies and encouraging innovation in the digital asset space within the U.S.

Scott Bessent stated that this administration has ruled out creating a central bank digital currency, believing it could lead to increased tracking of individuals. He emphasized that the priority should be attracting digital assets to the United States.

Bessent highlighted recent advancements in Congress, mentioning the bipartisan support for the GENIUS stablecoin bill and the ongoing progress of the CLARITY Act.

As an analyst, I’ve been watching the digital asset space, and frankly, it’s currently a chaotic environment, largely because so much activity is happening with limited oversight offshore. To address this, I believe it’s crucial to establish clear regulatory frameworks here in the US. I strongly urge Congress – both the House and the Senate – to prioritize passing legislation that provides that clarity.

CBDC opposition remains a focus in Washington

The Treasury Secretary spoke about this as Republican politicians keep voicing their opposition to a digital dollar created by the government.

Earlier this month, Congressman Mike Flood explained that House Republicans changed the 21st Century ROAD to Housing Act to prevent a future digital dollar. They removed a clause from the Senate version that would have allowed restrictions on a central bank digital currency (CBDC) to end in 2030, which Flood believed could have paved the way for its implementation.

Congressman Warren Davidson has also voiced concerns about the initial expiration date for the digital dollar pilot program. He’s suggested the 2030 deadline might allow time to develop a future central bank digital currency. Meanwhile, House Majority Whip Tom Emmer continues to champion the Anti-CBDC Surveillance State Act, a bill designed to permanently prevent the Federal Reserve from creating a digital currency.

Republican lawmakers are mostly against central bank digital currencies (CBDCs) because they worry the government could use them to track spending and reduce financial privacy.

I’ve noticed a consistent stance from Bessent on the topic of a central bank digital currency. Back in January 2025, during his confirmation hearing for the Treasury position, he stated he didn’t see a need for the U.S. to develop a CBDC. He felt these kinds of systems were more useful for countries where people have fewer options for investing their money.

CLARITY Act still faces hurdles

Despite Bessent’s efforts to get the CLARITY Act passed, experts aren’t sure it will succeed in Congress.

In a recent Wall Street Journal opinion piece, Bessent urged Congress to act fast, noting the limited time available for debate in the Senate. He explained that the digital asset market has expanded to $3 trillion and that almost 17% of Americans now invest in these assets.

The new law has been held up multiple times because banks and cryptocurrency companies disagreed on whether companies that issue stablecoins should be permitted to offer products that earn interest.

Donald Trump continues to support the legislation. In a post on his social media platform, Truth Social, on Wednesday, Trump stated his administration plans to create a lasting digital asset market that can’t be undone by those he refers to as “crypto haters.”

As an analyst, I’m watching Congress closely right now. They’re considering a lot of different proposals related to digital assets all at the same time. What started as separate conversations about how these markets should be regulated, how to oversee stablecoins, and whether to create a digital dollar are now all becoming linked together in one big policy debate.

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2026-05-29 10:20