Keep America ‘The Crypto Capital of the World’: US Treasury Chief Bessent Speaks Out on Stablecoins

U.S. Treasury Secretary Scott Bessent announced on X that the Treasury is moving toward the practical implementation of the GENIUS Act, which is designed to “keep America the crypto capital of the world.” The statement followed the Treasury’s official issuance of a Notice of Proposed Rulemaking (NPRM), launching the development of federal rules for payment stablecoins.

The new framework fundamentally changes the rules of the game by introducing mandatory licensing and barriers for foreign issuers. 

According to Bessent, the White House and Congress have provided the industry with “clear rules of the road” that will give businesses the regulatory certainty needed to innovate and grow within the United States.

The implementation process will take place in several stages, and the department has already opened a 60-day window for public comments. As Bessent emphasized, the Treasury “welcomes input from stakeholders” as it works to finalize the regulatory framework.

The full launch of strict government oversight is scheduled for 2027–2028. The Treasury expects rigorous control over digital assets not only to protect the domestic market but also to help “cement the role of the U.S. dollar as the world’s reserve currency.”

Crypto deadlock in Washington

The Treasury’s decisive move comes amid a prolonged stalemate in Congress. Another major bill for the industry, the Digital Asset Market Clarity Act, which is intended to divide regulatory authority between the SEC and CFTC, has effectively stalled after the Senate once again postponed a vote until mid-September because of deep disagreements over ethics rules.

Opponents are demanding strict restrictions on the ability of senior government officials to hold personal crypto assets following recent public disclosures concerning income earned by government representatives from digital asset projects.

Against this backdrop, the White House is attempting to seize the initiative and ease the regulatory deadlock. 

According to informed sources, the administration will hold a closed-door meeting on Aug. 19 with top executives from major crypto companies, blockchain payment platforms such as Ripple and prediction market operators, including Polymarket and Kalshi.

The meeting will serve as a prelude to the first session of the CFTC’s new Innovation Advisory Committee, scheduled for Aug. 20. Bessent, SEC Chair Paul Atkins and industry representatives are expected to seek a compromise on the disputed Clarity Act.