US Treasury Secretary Bessent Doesn't Favor a US CBDC
US Treasury Secretary Bessent says that the Federal Reserve should not launch a central bank digital currency (CBDC) in the U.S. “A central bank digital currency is a sign of weakness,” the secretary said on Monday. “I would not be in favor of the Fed issuing digital currency.” Bessent testified on Monday ahead of a House oversight subcommittee on the White House’s 2026 budget requests. While testifying, the Treasury Secretary doubled down on his opposition to the Fed creating a CBDC. “We believe that digital assets belong in the private sector,” Bessent added. The Trump administration was actively against the concept upon its return to the White House. Now, months into Trump’s second tenure in office, his team remains adamant that the US doesn’t need a central bank digital currency. CBDCs Back in the Spotlight A central bank digital currency has been on the table for discussion amongst officials as digital assets and cryptocurrencies beco...