Treasury Secretary Scott Bessent has ruled out the development of a central bank digital currency (CBDC) under President Trump, declaring that 'there will be no central bank digital currency, which I think would be the first step toward tracking.'
Speaking at a White House press briefing on May 28, 2026, Bessent also called for swift passage of the CLARITY Act in Congress, saying it's time to bring clarity to the crypto industry. The bill, formally known as H.R. 3633, aims to provide regulatory certainty for exchanges, custodians, and stablecoin issuers.
The Senate Banking Committee voted to advance the CLARITY Act on May 14, 2026, with a 15-9 margin. It is now on the Senate Legislative Calendar under General Orders. With time running out before the August break, Bessent's public pressure campaign may be instrumental in securing passage.
The Trump administration has consistently favored private innovation over government-controlled alternatives, and this stance carries added weight as the Senate races against its critical deadline.