US Treasury Secretary Bessent Foresees Crypto-Banking Convergence
US Treasury Secretary Scott Bessent indicated that traditional banks and cryptocurrency firms may eventually offer similar products and services, blurring the lines between financial sectors. During testimony before the Senate Banking Committee, Bessent highlighted ongoing Treasury work with community banks to facilitate their participation in the digital asset transition.
The Secretary emphasized the need for clear regulatory standards, urging support for the CLARITY Act to balance innovation with financial stability and define regulatory jurisdiction. Discussions also focus on stablecoins' impact on banking, with Treasury prioritizing the prevention of deposit volatility. Current legislative debates are stalled by disagreements over stablecoin yields and the role of community banks in the evolving ecosystem.
Cryptovka
Treasury’s Scott Bessent Foresees Convergence of Crypto and Banking
US Treasury Secretary Scott Bessent has indicated that the boundaries between traditional financial institutions and the digital asset sector may c...
