Treasury Secretary Bessent outlines U.S. crypto strategy

Treasury Secretary Scott Bessent delivered remarks outlining the U.S. crypto strategy, which is part of a broader push by the Trump administration to establish the United States as a global leader in digital assets. This strategy is based on a report by the Presidential Working Group on Digital Asset Markets.

Key elements of the strategy outlined by Secretary Bessent include:

Ending the “War on Crypto”: Bessent characterized the previous administration’s approach as a “war on crypto” and highlighted a significant policy shift. He stated that President Trump has ended regulatory persecution and replaced “adversarial actors at federal agencies with pro-innovation policymakers.”

Regulatory Clarity: A central focus is providing clear rules for the industry. Bessent pointed to the recently enacted GENIUS Act, which provides a regulatory framework for stablecoins, requiring them to be fully backed by liquid assets and have transparent disclosures. He also mentioned the CLARITY Act, a market structure bill that will provide “clear rules of the road for the entire industry.”

Strategic Bitcoin Reserve and Digital Asset Stockpile: A key part of the strategy is the creation of a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile. These will be capitalized with forfeited digital assets from criminal and civil asset forfeiture proceedings. The Bitcoin in the reserve will not be sold and will be maintained as a store of value, while the Treasury Department will manage the other digital assets in the stockpile.

Modernizing Tax Rules: The strategy also calls for modernizing crypto tax rules and reducing compliance burdens. The Treasury and IRS are expected to issue further guidance on these topics.

Scott Bessent, a former hedge fund manager, was confirmed as the U.S. Treasury Secretary in January 2025. He is known for his pro-crypto views and his opposition to a central bank digital currency (CBDC). His appointment is seen as a significant step in the administration’s efforts to advance cryptocurrency and blockchain technology in the U.S.

Treasury Secretary Scott Bessent delivered remarks outlining the U.S. crypto strategy, which is part of a broader push by the Trump administration to establish the United States as a global leader in digital assets. This strategy is based on a report by the Presidential Working Group on Digital Asset Markets.

Key elements of the strategy outlined by Secretary Bessent include:

Ending the “War on Crypto”: Bessent characterized the previous administration’s approach as a “war on crypto” and highlighted a significant policy shift. He stated that President Trump has ended regulatory persecution and replaced “adversarial actors at federal agencies with pro-innovation policymakers.”

Regulatory Clarity: A central focus is providing clear rules for the industry. Bessent pointed to the recently enacted GENIUS Act, which provides a regulatory framework for stablecoins, requiring them to be fully backed by liquid assets and have transparent disclosures. He also mentioned the CLARITY Act, a market structure bill that will provide “clear rules of the road for the entire industry.”

 

 

Strategic Bitcoin Reserve and Digital Asset Stockpile: A key part of the strategy is the creation of a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile. These will be capitalized with forfeited digital assets from criminal and civil asset forfeiture proceedings. The Bitcoin in the reserve will not be sold and will be maintained as a store of value, while the Treasury Department will manage the other digital assets in the stockpile.

Modernizing Tax Rules: The strategy also calls for modernizing crypto tax rules and reducing compliance burdens. The Treasury and IRS are expected to issue further guidance on these topics.

Scott Bessent, a former hedge fund manager, was confirmed as the U.S. Treasury Secretary in January 2025. He is known for his pro-crypto views and his opposition to a central bank digital currency (CBDC). His appointment is seen as a significant step in the administration’s efforts to advance cryptocurrency and blockchain technology in the U.S.