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US Treasury Secretary Bessent steers Congress's stablecoin attention to China

By Neil Roland ( May 7, 2025, 21:26 GMT | Insight) -- As Republicans and Democrats duel over a stablecoin bill’s restrictions on profiteering by the Trump family and other public officials, US Treasury Secretary Scott Bessent tried to steer Congress’s attention to threats from China without regulation of the cryptocurrency. He was prompted at a congressional hearing by Republican Representative Bryan Steil, who asked what would happen if the “center of gravity shifts away from the United States to countries like China or other locations.” Bessent responded: “There is a chance that digital assets can provide a substantial source of demand for the US dollar.”As Republicans and Democrats duel over a stablecoin bill’s restrictions on profiteering by the Trump family and other public officials, US Treasury Secretary Scott Bessent tried to steer Congress’s attention to threats from China without regulation of the cryptocurrency....

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