Treasury's Bessent sees crypto as America's next tool for keeping the U.S. dollar on top

U.S. Treasury Secretary Scott Bessent said digital assets could help strengthen the U.S. dollar's global dominance as technology becomes an increasingly important source of American economic influence. Speaking Tuesday at Ripple's Swell conference with CEO Brad Garlinghouse, Bessent argued that the power behind the world's reserve currencies during history derived from military strength, but it’s increasingly shifting toward technological leadership. "We will keep our military umbrella, but I think more and more it's becoming a technology umbrella," Bessent said. He pointed to the growing divide between U.S. and Chinese technology ecosystems, where countries and companies face choices over whose artificial intelligence systems and semiconductor technology to adopt. Bessent said he sees digital assets as part of that competition, with the financial infrastructure countries may choose influencing the U.S. dollar’s reach.

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