U.S. Treasury Secretary says crypto can strengthen dollar dominance

U.S. Treasury Secretary Scott Bessent stated that cryptocurrencies could reinforce the U.S. dollar’s global dominance. At the Swell conference with Ripple CEO Brad Garlinghouse, Bessent noted that the dollar's power has historically come from military strength but is now shifting towards technological leadership. He mentioned that companies worldwide are choosing between U.S. and Chinese AI systems and semiconductor technologies, with crypto being part of this competition. Bessent expressed confidence that the U.S. will succeed in crypto, further strengthening the dollar. He also expressed disappointment over the failure of the Clarity Act and indicated that the Treasury Department could collaborate with regulators like the SEC and CFTC to enhance oversight.

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