U.S. Treasury Secretary Scott Bessent said Thursday the Trump administration will not support a central bank digital currency (CBDC) and called on Congress to pass the CLARITY Act, a bill designed to create a clear regulatory framework for digital assets.
Speaking at a White House press briefing, Bessent declared a U.S. CBDC is “off the table,” calling it “the first step toward tracking.” He argued the administration’s priority is to “make digital assets come into the United States,” because “all the nonsense that happens … that’s the wild, wild west offshore.”
Bessent: ‘No CBDC Under This Administration’
Bessent pointed to recent bipartisan progress on the GENIUS stablecoin bill and said the CLARITY Act is moving through the legislative process. He urged the House and Senate to “get Clarity done” to replace offshore chaos with onshore regulation.
“This administration has been very clear, there will be no central bank digital currency,” Bessent said. He previously expressed similar views during his January 2025 nomination hearing, saying he saw “no reason” for a U.S. CBDC.
House Republicans Push Permanent CBDC Ban
Republican lawmakers are stepping up efforts to block a potential digital dollar. Earlier this month, Rep. Mike Flood revised the Senate version of the 21st Century ROAD to Housing Act, removing a 2030 sunset clause that critics said could serve as a development runway for a future CBDC.
Rep. Warren Davidson called the original sunset clause a “back door” for a digital dollar, while House Majority Whip Tom Emmer continues promoting the Anti-CBDC Surveillance State Act, which would permanently prohibit the Federal Reserve from issuing a CBDC. Privacy concerns remain the central theme: Republicans fear government-issued digital money could enable transaction monitoring.
CLARITY Act Stalls Over Industry Disputes
Despite Bessent’s push, the CLARITY Act faces an uncertain path. In a Wall Street Journal op-ed last month, Bessent wrote that Senate floor time is limited and urged quick action, noting the digital asset market has grown to $3 trillion and nearly one in six Americans own digital assets.
The bill has been repeatedly delayed by disagreements between banking groups and crypto industry participants over whether stablecoin issuers should be allowed to offer yield-bearing products. President Donald Trump also weighed in on Truth Social, vowing to establish a “future-proof” digital asset market structure that “cannot be reversed by crypto haters.”
Congress is currently juggling multiple digital asset bills — market structure rules, stablecoin oversight, and CBDC restrictions — all increasingly tangled in the same debate. Whether Bessent’s call can break the logjam remains to be seen.