US Treasury Secretary Puts Crypto Alongside AI and Chips in Competition With China
- —Bessent framed crypto as part of the US-China tech race alongside AI and semiconductors
- —More than 90% of stablecoins are dollar-backed, with issuers holding Treasuries as reserves
- —The Senate voted 49-50 against taking up the CLARITY Act on September 15; 60 votes were needed
- —Treasury is ready to advance oversight through the SEC and CFTC without the law
Why it matters: The Treasury's stance ties stablecoins more tightly to US government debt and sets the regulatory course without the CLARITY Act.
Source: Crypto News Australia