U.S. Treasury Secretary Scott Bessent has emphasized that the U.S. has entered a golden era for cryptocurrency with new possibilities in blockchain technology.
Significance of Bessent's Comments
Scott Bessent stated that companies and protocols should build their projects in the U.S. as the sector is receiving much-needed regulatory clarity and support. He highlighted the growth of the crypto industry in the U.S. and key milestones, including the Genius Act and the Presidential Working Group's report.
The Role of Regulation in Crypto Development
Bessent also pointed out that Donald Trump's election as president was pivotal for changing the approach to digital assets in the country. He noted that before Trump took office, digital assets faced significant restrictions that hindered fintech innovation. Regulatory changes now enable legitimate businesses, especially in Bitcoin mining and stablecoin issuance.
SEC's Action Plan for Supporting Cryptocurrency
SEC Chair Paul Atkins announced the launch of Project Crypto, aimed at realizing Trump's vision of making the U.S. the crypto capital of the world. The SEC plans to implement simple rules of engagement for the crypto market, fostering compliance with new listing standards for crypto exchange-traded funds.
Scott Bessent's statements about entering a golden era for cryptocurrency highlight significant changes in the U.S. regulatory policy and opportunities for developing the industry.
