U.S. Treasury Secretary Scott Bessent reiterated at a White House press briefing on May 28, 2026, that the Trump administration will not permit a central bank digital currency (CBDC), stating such systems are "off the table." Bessent emphasized the administration's focus on establishing the United States as a hub for digital assets by bringing offshore activity onshore through regulatory frameworks. The statement comes as the GENIUS stablecoin legislation has passed with bipartisan support and the Clarity Act advances through Congress after clearing the Senate Banking Committee earlier in May 2026. Bessent cited government surveillance concerns as a primary reason for opposing CBDCs, arguing that digital currency tracking would represent unacceptable federal oversight of citizen transactions. The administration's position aligns with multiple Republican lawmakers who have opposed CBDC development, while legislative efforts to regulate the broader digital asset sector gain momentum through the Clarity Act's progress despite ongoing debates over ethics provisions and stablecoin reward structures.
Bessent's Briefing Statements on Digital Asset Policy
During the May 28, 2026 White House press briefing, Bessent stated: "This administration has been very clear, there will be no central bank digital currency, which I think would be the first step toward tracking, so we have taken that off the table. The most important thing we could do is to make digital assets come into the United States." The Treasury Secretary described the current offshore digital asset environment as "the wild, wild west," advocating for regulatory frameworks that bring activity under U.S. jurisdiction. Bessent specifically referenced the GENIUS stablecoin legislation's bipartisan passage and urged Congress to complete work on the Clarity Act, stating: "I would encourage the House and the Senate to get Clarity done."
Legislative Status of Digital Asset Bills
The Clarity Act passed the Senate Banking Committee in May 2026 after multiple delays stemming from debates between U.S. banking lobby groups and crypto advocates. Disputes centered on stablecoin reward provisions and concerns about the bill's ethics language. The GENIUS stablecoin legislation has already passed with bipartisan support, according to Bessent's statements at the briefing. Jaret Seiberg, managing director at TD Cowen's Washington Research Group, stated in a note earlier in May 2026 that the Clarity Act would require conflict-of-interest standards applying to the U.S. President to secure sufficient Democratic support for passage.
Historical Context of Bessent's CBDC Position
Bessent previously stated during his nomination hearing in January 2025 that he sees "no reason" for a U.S. CBDC, characterizing such systems as appropriate only for countries lacking alternative investment options. Multiple Republican lawmakers have opposed CBDC development on grounds that it could enable government surveillance of citizen transactions. The Treasury Secretary's May 28, 2026 statements represent a continuation of this position established during his confirmation process.
Trump's Digital Asset Regulation Goals
President Trump posted on Truth Social on May 27, 2026, stating his administration will codify a "future-proof" digital asset market structure that cannot be undone by "crypto haters." The statement preceded Bessent's May 28, 2026 briefing by one day and reinforced the administration's goal of leading global digital asset regulation.
FAQ
What did Treasury Secretary Bessent say about CBDCs on May 28, 2026?
Bessent stated at a White House press briefing that CBDCs are "off the table" under the Trump administration, citing concerns that such systems would enable government tracking of citizen transactions. He emphasized the administration's focus on making the U.S. a hub for digital assets by bringing offshore activity onshore.
What is the current status of the Clarity Act?
The Clarity Act passed the Senate Banking Committee in May 2026 after delays caused by debates over stablecoin rewards and ethics language. TD Cowen analyst Jaret Seiberg stated in May 2026 that the bill would need conflict-of-interest standards applying to the U.S. President to gain sufficient Democratic support for passage.
When did Bessent first express opposition to a U.S. CBDC?
Bessent stated during his nomination hearing in January 2025 that he sees "no reason" for a U.S. CBDC, characterizing such systems as appropriate only for countries without alternative investment options.
