US Treasury Secretary Bessent: Biden administration put crypto on path of extinction.

US Treasury Secretary Bessent: Biden administration put crypto on path of extinction.

US Treasury Secretary Scott Bessent, appointed by President Trump, has been vocal about his views on the crypto industry, stating that the Biden administration's policies put it on a path of extinction. In a recent interview, Bessent highlighted the need for a more supportive regulatory environment to foster innovation and growth in the digital asset market.

Bessent's appointment comes after a series of pro-crypto appointments in key roles, including David Sacks as the administration's "Crypto and AI Czar" and Paul Atkins as the chair of the SEC [3]. These appointments signal a shift in the administration's approach to crypto regulation, moving away from the more stringent policies of the Biden administration.

The Biden administration's policies, such as the issuance of "pause" letters by the FDIC and suggestions from the Federal Reserve and OCC for banks to obtain prior approval before engaging in crypto activities, were seen as obstacles to the growth of the crypto industry [3]. Bessent has emphasized the need for a more measured oversight of the crypto industry that promotes growth and innovation.

Bessent's comments align with the administration's broader economic strategy, which includes stabilizing the US debt-to-GDP ratio by 2028 and announcing trade agreements in the coming weeks [2]. The focus on crypto regulation is part of a larger effort to support the growth of the U.S. economy through technology and innovation.

In contrast to the Biden administration's skepticism of the crypto industry, Bessent has been a vocal proponent of blockchain technology and digital assets. His appointment is seen as a positive sign for the crypto industry, which has been seeking clearer regulatory guidance to thrive in the U.S. market.

References:
[1] https://www.fxstreet.com/news/japans-trade-negotiator-akazawa-want-to-meet-with-bessent-for-ministerial-talks-202505290616
[2] https://www.fxstreet.com/news/us-treasury-secretary-bessent-we-will-stabilize-debt-to-gdp-by-2028-202505292242
[3] https://www.pillsburylaw.com/en/news-and-insights/cryptocurrency-digital-assets-trump.html