Treasury Secretary Scott Bessent emphasized on social media platform X on June 18 that the U.S. dollar stands to benefit from the growth of digital assets, particularly stablecoins. Bessent rejected the notion that crypto poses a challenge to the U.S. dollar’s global dominance, asserting instead that it can serve to reinforce its position. The Treasury Secretary stated:

Crypto is not a threat to the dollar. In fact, stablecoins can reinforce dollar supremacy.

He criticized governments for their inaction: “Digital assets are one of the most important phenomena in the world right now, yet they have been ignored by national governments for far too long.” He declared the Trump administration’s objective: “This administration is committed to establishing the United States as a hub for digital asset innovation, and the GENIUS Act moves us one step closer to that goal.”

The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act passed the U.S. Senate on June 17 with a 68-30 vote. It still requires approval from the House of Representatives and the President’s signature to become law. President Donald Trump has expressed support for the bill.

Bessent has highlighted that the GENIUS Act is central to providing the regulatory clarity necessary for stablecoin growth. He argued that such expansion could increase demand for U.S. Treasuries, which back stablecoins, potentially lowering borrowing costs and aiding national debt reduction. “It could also onramp millions of new users—across the globe—to the dollar-based digital asset economy,” he added. “It’s a win-win-win for everyone involved.”

He contrasted the administration’s proactive stance with what he described as the previous administration’s damaging regulatory approach. In May, Bessent stated: “The Trump Administration is going big on digital assets. Why? Because the previous administration nearly destroyed the industry with its anti-innovation agenda and regulation-by-enforcement approach. No more. Digital asset companies deserve regulatory clarity—and that’s exactly what we are working toward.” He stressed that passing the GENIUS Act is only the beginning of broader reforms to ensure U.S. leadership in the digital economy.

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