Treasury Secretary Scott Bessent stated that stablecoins have the potential to reinforce the US dollar's dominance in global markets, urging Congress to expedite federal legislation on cryptocurrency. His comments come amid efforts by President Trump to pass the GENIUS Act, aimed at regulating stablecoins and fostering innovation in the cryptocurrency sector. Bessent emphasized that cryptocurrency should not be viewed as a threat but as a crucial part of the global economy, especially in countries where access to traditional financial systems is limited. He mentioned that stablecoins could become significant buyers of US Treasury bills, thus further entrenching dollar supremacy. Industry leaders expressed support for the proposed legislation, but raised concerns about ongoing political divisions and potential conflicts of interest surrounding the Trump family's involvement. The legislation aims to provide a framework for the issuance and trading of stablecoins, demonstrating the urgency for regulatory clarity in a rapidly evolving market.

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