At the White House on July 30, 2025, Treasury Secretary Scott Bessent delivered remarks at the launch of a new report from the Presidential Working Group on Digital Asset Markets. The event highlighted recent policy shifts in U.S. digital asset regulation and outlined future steps for strengthening the country's position in global crypto markets.
Secretary Bessent described America as a nation built on innovation and said it is appropriate for the country to lead in digital finance. He credited President Trump with making significant changes to federal policy regarding digital assets over the past year.
"One year ago, almost to the day, President Trump promised to make the United States 'the crypto capital of the world.' And he has delivered on that promise in every way," Bessent stated.
Bessent contrasted current policies with those of previous years, saying: "Before President Trump took office, digital assets endured a four-year siege from a hostile White House that took extraordinary measures to drive fintech innovation offshore. The prior administration raised an 'anti-crypto army,' waged endless lawfare against legitimate businesses, threatened to eliminate Bitcoin mining, and sought to debank digital asset companies en masse via Operation Choke Point 2.0."
He continued: "President Trump saw the regulatory assault unfolding against the industry—and he put an end to it faster than you can say 'Gary Gensler.'"
According to Bessent, November 4, 2024 marked a turning point for U.S. digital asset policy. In his first week in office, President Trump formed a working group focused on digital asset markets and signed an executive order aimed at maintaining American leadership in blockchain technology. David Sacks was appointed as AI and Crypto Czar at the White House.
The Secretary also noted several other developments under this administration: "The President has ended regulatory persecution of the industry by closing arbitrary and capricious enforcement actions against major crypto companies. And he has laid the groundwork for the next era of dollarization by leading passage of the GENIUS Act, which provides the fast-growing stablecoin market with the regulatory clarity it needs to grow into a multitrillion-dollar industry."
Looking ahead, Bessent said bipartisan legislation such as the House’s CLARITY Act would provide clear rules for industry participants and further solidify America's status as a leader in cryptocurrency.
"The next step in strengthening the crypto ecosystem is shepherding must-pass market structure legislation through the Senate and delivering it to the President. Bipartisan legislation like the House’s CLARITY Act will capitalize on our recent victories by providing clear rules of the road for the entire industry," he said.
Bessent also emphasized that following recommendations from today's working group report is key: "Regulatory certainty is essential to cementing our status as the crypto capital of the world. Just as essential is executing on recommendations from today’s report on crypto regulation."
He described how compiling this report involved extensive consultation: "This report is culmination of months of research and over 1,000 meetings between industry stakeholders and members of President’s Working Group on Digital Asset Markets. It is grading rubric we will use to measure our success in delivering on President’s promise to anchor U.S. as world’s leader in crypto."
The report contains more than 100 proposed regulatory and legislative actions addressing issues such as illicit finance prevention, taxation fairness for cryptocurrencies, stablecoin oversight supporting dollar dominance, and updates to banking regulations relevant for digital assets.
Bessent concluded his remarks by inviting entrepreneurs worldwide to build their businesses within America’s renewed framework: "Under President Trump, we are exploring new possibilities in decentralized computing and digital payments to unlock promise of blockchain technology... So start your companies here. Launch your protocols here. And hire your workers here."
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