During Thursday’s Senate confirmation hearing, President-elect Donald Trump’s Treasury Secretary nominee, Scott Bessent, rejected the need for a U.S. central bank digital currency (CBDC), assuaging concerns some crypto observers have long held.
“I see no reason for the U.S. to have a central bank digital currency,” Bessent told the Senate Finance Committee. “In my mind, a central bank digital currency is for countries who have no other investment alternatives.”
Bessent’s statements mark a sharp departure from how various federal agencies have explored the prospects of a central bank-issued digital dollar.
If Bessent is confirmed as Treasury Secretary when Trump is sworn into office on January 20, a potential reversal of the federal government’s CBDC research initiatives could be in play.
Bessent’s statements at the Senate confirmation hearing align with Trump’s promise, made exactly a year ago, to “never allow” a U.S. CBDC if reelected. Trump nominated Bessent in November last year.
