Treasury’s Bessent discusses regulatory frameworks for digital assets

On Wednesday, Treasury Secretary, Scott Paystint, gave an insight into how the Trump administration planned to deal with the regulation of the digital asset industry during a hearing in congress.

Besent witnessed before the Council’s Financial Services Committee on the international financial system and said that the administration wants the digital asset industry to come to the United States and play a global leadership role in this sector.

“We believe that the United States should be the first destination for digital assets,” said Pesin.

He added: “Our goal is to encourage companies to restore shore, restore shore, or restore the best practices of the United States, which is the innovation of digital assets and their experimenting here in the United States without expanding their ambition to influence the global industry.” “The administration’s efforts to encourage the clear regulatory frameworks of digital assets will contribute to this goal. Therefore, the ongoing efforts to encourage fair access, and the interview to payment technologies at all borders. We will continue to support private sector solutions and discourage public sector solutions that distort market markets and their division competition.”

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One of the legislators asked the treasury minister about the negative effects if the United States does not play a leadership role in organizing the digital asset industry.

“Well, many things can happen, sir, as we have seen under previous management,” said Pesin. “An entire environmental system stems, unorganized and rebellious outside the United States, the widest illegal actors the value of these transportation systems and there is a technological loss here.”

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Pesin said the United States is working on the regulatory frameworks of digital assets such as Bitcoin. (Karen Bleier / AFP via Getty Images) / Getty Images)

Pesent said he had conversations with the financial industry organizers about their experiences with digital asset regulations and the role that the United States could play in this industry.

“They believe it is very important, and I think they are somewhat concerned that the United States is ready to restore its leadership here. As I said earlier, there is an opportunity to provide digital assets a great source of demand for the US dollar.”

Regarding the forms of regulatory systems that can be applied to digital assets, BESSENT said that there are business frameworks that can be applied to the emerging industry.

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“I think we have a plan with the bank’s organization and adherence to anti -money laundering laws around the world, and financial stability, and then I think 70 % of countries will be very easy to judge yes/no, and then there will be another group. This is why I think some laws encouraged it to do so,” he said.

Bessent added that the Treasury recently submitted a report to the president on this issue, “so we have the best safe practices and a seimation and we want to work with the financial industry, with new companies and businessmen, as well as job occupants. [for] Banks to participate in this work, whether through custody or their coins. “