U.S. Treasury Secretary Scott Bessent said crypto and stablecoins can help keep the U.S. dollar dominant worldwide. He spoke on 27 October 2026 at Ripple's Swell conference. His remarks tie crypto policy directly to U.S. economic power, a link anyone holding dollars or digital assets should watch.
What actually happened
Speaking Tuesday, 27 October 2026, at Ripple's Swell conference alongside CEO Brad Garlinghouse, Bessent said reserve currency power once came from military strength but is shifting toward technology. "We will keep our military umbrella, but I think more and more it's becoming a technology umbrella," he said, according to CoinDesk. He added, "I think that digital assets are going to be no different, and we are going to win in the digital asset stack, and that's gonna continue to fortify the dollar." Bessent said more than 90% of stablecoins are backed by U.S. dollars, with issuers often holding U.S. government securities as reserves. He called this "an important source of funding for the Treasury."
How we got here
The Trump administration already passed the GENIUS Act, setting federal rules for dollar-backed stablecoins. Bessent argues this expands global demand for U.S. currency and Treasury debt. But Congress failed to pass the Clarity Act, a broader framework for digital asset markets, leaving gaps in oversight. Bessent called that failure a disappointment. He said Treasury could instead work with the SEC and CFTC, calling them "great partners," to build rules through agency action rather than new legislation.
Why this matters for you
For builders, agency guidance from the SEC and CFTC may arrive before any new law, but it could change with future administrations, unlike legislation. For stablecoin issuers and holders, growing adoption means more demand for U.S. Treasury securities as reserves, potentially deepening ties between crypto and government debt. For crypto businesses worried about losing banking access, Bessent floated "regulatory best practices" as a guardrail against debanking, though no formal policy exists yet.
The bigger question
Can regulatory guardrails built through agency action deliver the same lasting certainty as federal legislation, or will crypto policy keep shifting with each new administration?
What to watch
No formal timeline was given for SEC or CFTC rulemaking following Bessent's remarks. Watch for whether Congress revisits the Clarity Act after its failure, and whether Treasury formalizes debanking guardrails. Bonuz will track how any agency action affects stablecoin issuers and dollar-linked crypto infrastructure.
