U.S. Treasury Secretary Rules Out Digital Dollar Launch

U.S. administration will not allow a central bank digital currency, says Treasury Secretary.

The current U.S. administration will not allow the introduction of a central bank digital currency (CBDC), according to Treasury Secretary Scott Bessent.

The Treasury chief consistently opposes CBDCs, maintaining the stance of the Trump administration, which, following a January directive, abandoned the idea of a digital currency from the Fed and focused on private dollar stablecoins.

“The current administration has clearly stated that there will be no central bank digital currency. It would be the first step towards surveillance, so we have excluded this option from discussion,” Bessent said.

Back in January 2025, during his confirmation, Bessent publicly rejected the initiative to create a CBDC. In February 2026, he stated that the global market would choose the dollar and private sector solutions over state digital currencies.

Meanwhile, the Treasury is advancing its own crypto agenda. In April, Bessent urged Congress to expedite the adoption of the CLARITY Act, warning that regulatory uncertainty is already driving developers and capital to Singapore and Abu Dhabi.

In the same month, the department presented a draft of rules for implementing the GENIUS Act—a framework for stablecoin regulation.

In July, Bessent called stablecoins a “revolution” in digital finance. In his view, they can strengthen the dollar’s global position and support demand for U.S. Treasury bonds.

Back in July 2025, Trump signed the GENIUS Act, establishing rules for stablecoins and marking the first significant regulatory act for the crypto industry in the country.