U.S. Treasury Secretary Scott Bessent says that the US would be going through a financial crisis if it had kept up its spending habits. In a new interview on NBC’s Meet the Press, Bessent says he’s not worried about the current downturn in the stock market, which has wiped out trillions of dollars in equity […]
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President-elect Donald Trump’s pick for Treasury Secretary does not think that the US needs to launch a central bank digital currency (CBDC). During his nomination hearing on Thursday, Scott Bessent told the Senate Finance Committee that, unlike other countries, the US will not gain much from rolling out a digital dollar. “On CBDCs, I see […]
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One crypto executive speculates Warren’s letter is a veiled attempt to justify an expansion of regulation against “neutral crypto technology providers.”
US Senator Elizabeth Warren has penned an open letter to US President-elect Donald Trump’s pick to lead the US Treasury, urging him to evaluate stricter regulations and enforcement measures for digital assets if he takes office.
In the Jan. 12 open letter, Warren asked Treasury Secretary-designate Scott Bessent if the Treasury Department should have more power to sanction the crypto sector.
“Should AML/CFT and sanctions programs include risk-based provisions reasonably designed to prevent money laundering or terrorist financing involving digital assets,” wrote Warren, who is soon to be the top Democrat on the Senate Banking, Housing and Urban Affairs Committee.
US Federal Reserve Chair Jerome Powell also dismissed the idea that people see Bitcoin as a symbol of a lack of faith in the US dollar.
United States Federal Reserve Chair Jerome Powell has reiterated his view that Bitcoin is a direct competitor to gold and isn’t a threat to the US dollar.
“People use Bitcoin as a speculative asset. It’s just like gold, only it’s virtual, it’s digital,” Powell said at The New York Times-hosted DealBook Summit in New York on Dec. 4.
The Federal Reserve Chair has made these comments before, comparing Bitcoin (BTC) to gold during an event hosted by the Bank for International Settlements in March 2021 when Bitcoin was trading at just $58,200.
Cryptocurrencies like Bitcoin are highly speculative, and “they’re not backed by anything,” Powell said at the time.
