During a House Financial Services Committee hearing on May 7, US Treasury Secretary Scott Bessent expressed support for two significant crypto-related bills in Congress. He emphasized that the United States should become the leading destination for digital assets, especially in light of competition with China. Bessent referred to a draft digital asset market structure bill and the GENIUS bill aimed at regulating stablecoins, both expected to be voted on soon. His remarks aligned with those of Republican lawmakers and echoed sentiments expressed by former President Donald Trump during his 2024 campaign. Bessent's previous statements suggested potential plans for a US central bank digital currency, alongside proposed regulations for stablecoins. However, Democrats, led by Representative Maxine Waters, raised concerns regarding potential conflicts of interest linked to Trump’s crypto ventures, suggesting amendments to the current forms of the bills related to anti-money laundering and national security. The voting dynamics remain uncertain as Republicans control both chambers of Congress.

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