U.S. Treasury Secretary Scott Bessant stated that the Trump administration will not support a central bank digital currency (CBDC) and called on Congress to advance the CLARITY Act to establish a clearer regulatory framework for digital asset businesses. This statement continues the Republican Party's recent opposition to CBDCs and once again makes digital asset legislation a policy focus in Washington.

The White House reiterates its stance against a digital dollar.

At a White House briefing, Bessant stated that a U.S. version of CBDC "is not under consideration." He indicated that the government's current focus is on keeping digital asset companies and innovation activities within the United States, rather than continuing to develop in less regulated offshore markets.

According to him, many problems in the industry are related to unclear rules and the outflow of business, therefore legislation is needed to bring related activities under the U.S. domestic regulatory system. He also mentioned that the stablecoin bill, the GENIUS Act, has received bipartisan support, and the CLARITY Act is still underway.

Republicans continue to push for restrictions bills

Bessant's statement largely aligns with the recent stance of Republican lawmakers. Within the Republican Party, there is ongoing push for tougher restrictions regarding whether the U.S. should issue a government-led digital dollar, with a focus on permanently blocking the possibility of the Federal Reserve issuing a CBDC.

Earlier this month, Representative Mike Flood stated that House Republicans removed a CBDC restriction clause that was originally set to expire in 2030 when revising the Senate version of the bill. Representative Warren Davidson also criticized this "sunset clause," arguing that it could leave room for future development of a digital dollar. House Majority Whip Tom Emmer continues to push for the "Anti-CBDC Surveillance Nation Act."

The CLARITY bill still needs to be advanced by Congress.

Despite Bessant's urging of Congress to act swiftly, the CLARITY Act still faces obstacles. Analysts generally believe that whether the bill can pass Congress smoothly remains highly uncertain.

In an op-ed published in the Wall Street Journal last month, Bessant stated that the Senate has limited time to address the issue, therefore Congress needs to move forward with legislation as soon as possible. He noted at the time that the digital asset market has reached $3 trillion, and approximately one in six Americans holds digital assets.

Currently, Congress is simultaneously reviewing several digital asset issues, including market structure rules, stablecoin regulation, and restrictions on CBDCs. Previous debates surrounding whether stablecoin issuers can offer yield-bearing products had also slowed down the progress of related legislation.