Speaking at a hearing, US Secretary of Treasury Scott Bessent Toed the party line suggesting support for two crypto -related bills moving to Congress.
Bessent discussed Lawmakers at a May 7’s hearing of the House Financial Services Committee, saying the United States should be “primary destination for digital properties” in response to a question about American dominance in China on crypto-related change. The Treasury secretary added that the “great market structure” and “Stablecoin Law” will help ensure this outcome.
Bescent’s statements shouted to other lawmakers in Republican and President Donald Trump, who initially claimed he wanted to make the US “Crypto Capital of the World” during his 2024 campaign. Treasury secretary is likely to determine the draft of a digital structure of the market market structure Released by House Republicans On May 6 and the genius to repair the Stablecoins, it is expected to be taken for a Senate vote on May 8.
Treasury secretary, a Trump’s nominee, has Stand up the President For significant policy announcements aligned with crypto, including an executive order to establish a highest wealth fund and as a member of a working group to explore federal regulations for Stablecoins and a national crypto stockpile. He suggested at a confirmation hearing that he would oppose creation of any US-Issuing Central Bank digital currency while in office.
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Democrats pushed back to crypto bills amidst the memecoin dinner controversy
Before it was announced that he had intended to hold an exclusive dinner and VIP tour for some of his leading memecoin holders, Trump faced investigating many lawmakers in allegations of conflicts of interest surrounding his crypto adventures. However, the announcement of dinner seems to be galvanized by some Democrats against any crypto-related law.
Maxine Waters, the House Financial Services Committee’s rank, is representative, lead to a walkout of a hearing that corresponds to the Bill of Republican market structure drafted on May 6, citing the need to explore Trump’s “corruption.” A group of nine democrats in the Senate also said they would not be supported The Genius Stablecoin Bill in its current form, suggesting stronger anti-money laundering, foreign providers, and national security protections.
It is unclear at the time of the publication if the Republicans, who control both rooms, will still have votes to pass either the bill.
https://www.youtube.com/watch?v=vkc5qcrvdc0
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