Treasury Secretary Bessent: Trump Admin Will Take A Close Look At Impediments To Blockchain, Stablecoins'

U.S. Treasury Secretary Scott Bessent has signaled a major policy shift toward fostering innovation in financial technology, saying the Trump administration will "take a close look at regulatory impediments to blockchain, stablecoins and new payment systems."

What Happened: The remarks came during his keynote address at the American Bankers Association conference in Washington.

The statement marks the clearest indication yet that the U.S. Treasury is preparing to reassess the regulatory landscape around decentralized technologies and digital financial infrastructure.

"We will consider reforms to unleash the awesome power of the American capital markets," Bessent said. "Americans deserve a financial services industry that works for all Americans, including and especially Main Street. Under President Trump's leadership, the Treasury Department and I will deliver that to you."

The announcement comes at a time when the administration is recalibrating its stance on both domestic financial regulation and international trade strategy.

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Why It Matters: In a Q&A session following his speech, Bessent shifted to trade policy, outlining a plan to coordinate with U.S. allies on a unified economic approach toward China.

He acknowledged that while America's military relationships with its allies have been strong, economic cooperation has not always kept pace.

"They've been good military allies, not perfect economic allies. But we can probably reach a deal with our allies," Bessent said. "Then we can approach China as a group."

He issued a sharp warning to the European Union, which recently announced tariffs on approximately €21 billion ($23.2 billion) of U.S. goods in response to metal-related disputes.

In particular, Bessent criticized signs of an EU pivot toward Beijing, noting that such a move "would be cutting your own throat."

Bessent emphasized that China stands alone in escalating trade tensions with the U.S., while several Indo-Pacific countries, including Japan, Vietnam, South Korea, and India, have initiated or expressed interest in trade negotiations with Washington.

A Vietnamese delegation is scheduled to arrive in D.C. this week, he noted.

Bessent also addressed recent moves by the People's Bank of China, which has allowed the yuan to weaken for five consecutive sessions, pushing the currency to its lowest offshore level since the market was established in 2010.

In a Fox Business interview, Bessent labeled China as "the worst offenders in the international trading system."

"What Beijing should not do is try to devalue their way out of this," he said, warning that such a move could trigger a chain reaction. "Any devaluation campaign would spur the rest of the world to keep raising their tariffs to offset the devaluation."

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