{"id":8129,"date":"2025-01-16T20:17:11","date_gmt":"2025-01-16T20:17:11","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=8129"},"modified":"2025-01-16T20:17:11","modified_gmt":"2025-01-16T20:17:11","slug":"trump-treasury-pick-bessent-opposes-idea-of-u-s-central-bank-digital-currency","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=8129","title":{"rendered":"Trump Treasury Pick Bessent Opposes Idea of U.S. Central Bank Digital Currency"},"content":{"rendered":"
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U.S. senators questioning President-elect Donald Trump’s nominee for Treasury Secretary, Scott Bessent, didn’t spend much time on cryptocurrency issues in his nomination hearing<\/a> on Thursday. But he had a chance to register strong opposition to a U.S. central bank digital currency (CBDC) and to note that he favors a modern outlook on crypto.<\/p>\n

The billionaire hedge fund manager told the Senate Finance Committee, which is set to consider confirmation of his nomination, that the Federal Reserve shouldn\u2019t issue a digital dollar \u2014 a controversial idea that’s widely seen by the crypto industry as a governmental incursion on its turf.<\/p>\n

“I see no reason for the U.S. to have a central bank digital currency,” he said. “In my mind, a central bank digital currency is for countries who have no other investment alternatives.”<\/p>\n

Dozens of countries around the world, notably China, have launched or piloted CBDCs<\/a>. But Bessent they have generally pursued them out \u201cout of necessity,” and that the U.S. has no need.<\/p>\n

Read More: U.S. Fed Chair Powell Says ‘Nowhere Near’ Pursuing CBDC, Won’t Spy on Americans<\/a><\/p>\n

At another point in Thursday’s hearing, he was asked about the department’s financial-crimes arm, and in the context of terrorist financing, he said, “I believe we have to have a 2025 approach to \u2026 digital currencies.”<\/p>\n

The sentiment was immediately embraced<\/a> by the crypto-backed Ceder Innovation Foundation in a social-media post, saying, “Too many politicians have been working with a 20th century outlook which not only hurts digital innovators, but also global security.”<\/p>\n

Bessent, who made his fortune in hedge funds, shed hundreds of thousands of dollars<\/a> in a bitcoin exchange-traded fund investment after accepting Trump’s nomination, demonstrating he’s had skin-in-the-game to back up his pro-crypto rhetoric.<\/p>\n

“Crypto is about freedom and the crypto economy is here to stay,” he said in an interview with Fox Business in July.<\/p>\n

Read More: Trump Picks Pro-Crypto Hedge Fund Manager Scott Bessent for Treasury Secretary<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

U.S. senators questioning President-elect Donald Trump’s nominee for Treasury Secretary, Scott Bessent, didn’t spend much time on cryptocurrency issues in his nomination hearing on Thursday. But he had a chance to register strong opposition to a U.S. central bank digital currency (CBDC) and to note that he favors a modern outlook on crypto. The billionaire […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-8129","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/8129","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8129"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/8129\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8129"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8129"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8129"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}