US Treasury rejects CBDC backs crypto bills

TLDR

The US Treasury has ruled out a US central bank digital currency (CBDC) for now and is actively pushing Congress to pass pro-crypto market structure and stablecoin bills.

1. Treasury Secretary Scott Bessent said a US CBDC is off the table under the Trump administration and framed it as a privacy risk.
2. The administration is backing the Digital Asset Market Clarity Act (CLARITY Act) and the GENIUS stablecoin bill to bring crypto activity onshore under clear rules.
3. Key battles now shift to Congress over ethics provisions, stablecoin yields, and permanent anti-CBDC restrictions that will determine how crypto is regulated in the US.

Deep Dive

1. Treasurys No CBDC Position

Treasury Secretary Scott Bessent has repeatedly stated that there will be no central bank digital currency under President Trump, calling a CBDC the first step toward tracking and saying it has been taken off the table in White House briefings and interviews. Reports from multiple outlets quote Bessent emphasizing privacy and freedom concerns in rejecting a digital dollar, while instead encouraging private-sector innovation in digital assets, including stablecoins and tokenization initiatives under a clearer legal regime. Republican lawmakers are simultaneously advancing the Anti-CBDC Surveillance State Act and amendments to other bills to permanently bar the Federal Reserve from issuing a CBDC, reinforcing this stance.

Confidence: high because the comments are on-the-record from Treasury and widely cross-reported.

2. Pro-Crypto Bills: CLARITY Act And Stablecoins

Rather than a CBDC, the administration is backing the Digital Asset Market Clarity Act (often shortened to CLARITY Act), a comprehensive framework that would split oversight between the CFTC for digital commodities and the SEC for investment contract tokens, and require exchanges and brokers to register under tailored rules. The bill has already passed the House with bipartisan support and has cleared key Senate committees, but still needs a full Senate vote and reconciliation before it can reach the President. Alongside CLARITY, the GENIUS stablecoin bill is advancing, aiming to set rules for dollar-backed stablecoin issuers and bring more stablecoin activity under US supervision instead of leaving it offshore.

3. Political Hurdles And What To Watch

Despite Treasurys backing, the bills are not law yet. In the Senate, Democrats have pushed for stricter ethics rules (including limits on officials trading crypto), tougher law-enforcement tools, and constraints on yield-bearing stablecoins, which has delayed markups and floor votes. Analysts and prediction markets currently assign only moderate odds that CLARITY becomes law in this Congress, citing the crowded legislative calendar and unresolved disputes. For crypto users and builders, the key signals will be: whether the Senate schedules a floor vote, how ethics and DeFi provisions are resolved, and whether permanent anti-CBDC language is attached or passed separately.

Conclusion

US Treasury leadership has rejected a US CBDC and instead is trying to channel crypto into a regulated, onshore market via the CLARITY Act and related bills. If Congress delivers, the US could move from enforcement-driven ambiguity toward a defined market structure with clearer roles for the SEC, CFTC, and stablecoin issuers. Until those votes happen, regulatory risk remains, but the policy trajectory has shifted in favor of private digital assets over a government-run digital dollar.