Trump's Treasury Nominee Rejects U.S. Central Bank Digital Currency

Scott Bessent, set to lead the Treasury, signals a shift away from federal CBDC initiatives, citing lack of necessity in the U.S.

Scott Bessent, President-elect Donald Trump's Treasury Secretary nominee, stated during his Senate confirmation hearing that he opposes the development of a U.S. central bank digital currency (CBDC).
Bessent argued that CBDCs are more appropriate for nations with limited investment alternatives, which he believes is not the case for the U.S.
This stance aligns with broader Republican opposition to CBDCs and Trump's previous pledge to block their creation if reelected.
Bessent's position contrasts sharply with prior federal efforts, including a 2024 Treasury report advocating for CBDCs as a replacement for stablecoins in tokenized transactions.
If confirmed, Bessent could halt ongoing federal research into CBDCs, marking a significant policy shift from the Biden administration's exploration of digital currency development.