Bisant: America Will Lead the Stablecoin Revolution
US Treasury Secretary Scott Bessent affirmed that the United States is striving to lead the global race in digital assets and stablecoins, while emphasizing that community banks will not be left to face any potential repercussions of this shift alone, according to a post he made on the X platform, as reported by Arabi Business.
Bessent’s comments came as the Senate prepared to vote on advancing the CLARITY Act, which is viewed as the broader legislative framework for regulating the digital asset market in the United States, following the passage of the GENIUS Act on stablecoins.
Bessent stated that the GENIUS Act was passed to ensure the development of stablecoin infrastructure within the US, describing these currencies as a “revolutionary financial technology” that would bolster the dollar’s position and the US financial system in the digital age.
However, the US Treasury Secretary took care to reassure the domestic banking sector, clarifying that the final version of the CLARITY Act grants the Treasury Department additional authority to intervene if the spread of stablecoins leads to deposit withdrawals from community banks in a manner that harms their ability to fund and lend.
He added, “If stablecoins cause harm to community banks, I will not hesitate to use these tools to ensure their full protection,” stressing that these banks are a cornerstone in financing small businesses and local communities, and that economic security is part of US national security.
These remarks come amid escalating tensions between the banking sector and the digital currency industry over concerns that bank deposits are shifting to stablecoins. Major US banking groups have urged the Senate to tighten restrictions on reward programs and yields associated with stablecoins, warning that they could become a de facto alternative to traditional deposits and affect banks’ lending capacity.
In response to these concerns, lawmakers added what has been described as a “circuit breaker” or emergency intervention mechanism to the final version of the CLARITY Act, authorizing the Treasury Secretary to take extraordinary measures if the migration of deposits from banks to stablecoins reaches alarming levels.
The GENIUS Act, which became law in 2025, is regarded as the first comprehensive federal framework for regulating stablecoins in the US, imposing strict requirements regarding reserves, liquidity, and regulatory oversight of issuers.
Thus, the US administration is attempting to pursue two parallel objectives: cementing the United States as the global capital for digital currency technologies, while simultaneously maintaining the stability of the traditional banking system upon which the domestic US economy relies.
Cryptocurrency prices fell during today’s trading sessions, pressured by expectations of a Federal Reserve interest rate hike this week for high-risk assets, and as optimism waned regarding the US “Clarity” law to regulate the crypto asset sector.
The probability of the bill’s passage this year dropped to 18 percent, according to Bloomberg, citing Polymarket data, after Democrats expressed reservations about the latest Republican proposal.
During today’s trading, Bitcoin, the world’s largest cryptocurrency by market value, fell by more than 2%, pushing its losses since the beginning of the year to over 11.5%.
Cryptocurrency trading platform CoinEx announced its decision to cease operations and enter a gradual, orderly wind-down process, beginning to scale back its services as of today.
The platform affirmed that its asset reserves exceed 100%, and that users’ assets are fully backed and available for withdrawal, in an effort to reassure customers as the closure process begins. CoinEx asked users to withdraw their USDT balances within a 90-day withdrawal window that ends on December 22.
CoinEx did not clarify in its statement the reasons behind its decision to cease operations, as the announcement comes amid a series of closures affecting several cryptocurrency exchanges in recent months.
CoinEx was established in 2017 and is considered a small to medium-sized exchange, with platform assets totaling $166 million according to CoinMarketCap.
