At Ripple’s Swell conference held on October 27, 2026, US Treasury Secretary Scott Bessent presented crypto as a tool to preserve the global dominance of the dollar. Digital assets join AI and semiconductors in the technological rivalry with China, he says. He also discussed joint action by Treasury, the SEC and the CFTC after the Clarity Act was blocked in the Senate on a procedural vote.
In brief
- October 27, 2026 Scott Bessent places crypto alongside AI and chips in the rivalry with China.
- More than 90% of stablecoins are backed by the dollar, according to Bessent (figure not cross-checked).
- Signed into law on July 18, 2025, the GENIUS Act establishes a federal framework for payment stablecoins, effective January 18, 2027.
- On September 15, 2026, the Clarity Act was blocked in a procedural vote in the Senate by a vote of 49-50.
Why does Bessent associate crypto with the power of the dollar?
According to Scott Bessent, the time when dollar domination historically based on military force is now over. Today, it relies more and more on technology. On October 27, 2026, he cited AI and semiconductors, then placed crypto in the same competition between American and Chinese ecosystems.
On the Swell stage, the Treasury Secretary summarizes his idea thus:
We will keep our military umbrella, but, more and more, it is becoming a technological umbrella.
US Treasury Secretary Scott Bessent, Ripple Swell Conference, October 27, 2026
He therefore predicts that the United States will prevail in this infrastructure. Which will strengthen the dollar.
Can stablecoins fund the US Treasury?
According to Scott Bessent, yes, as their adoption progresses. More than 90% of stablecoins are in fact backed by the dollar and their issuers often hold US Treasury securities in reserve. L’rise of stablecoins could thus increase demand for American debt.
That’s not all! He also sees access to the dollar for countries with unstable currencies. Signed on July 18, 2025, GENIUS Act already sets the federal framework for this crypto asset. It comes into force on January 18, 2027, according to the OCC which published its application rule on October 21, 2026.
For the crypto investors in Francethe framework differs. The MiCA regulation has already governed stablecoins in the European Union since June 30, 2024.
What happens to US crypto regulation after the blocking of the Clarity Act?
The US Senate blocked the Clarity Act on September 15, 2026. The motion to move forward with examining the text received 49 votes for and 50 against, while 60 were required, according to Senate Ballot No. 234. Scott Bessent considers this setback disappointing. He nevertheless assures that the Treasury can bring together the SEC and the CFTC to move forward through the agencies.
He also mentions regulatory safeguards against unbanking (cutting off banking services to crypto businesses). However, an agency rule is more easily modified than a law. A new vote remains possible since on election day, Senator Tillis filed a motion for reconsideration.
At this stage, Scott Bessent’s statements on coordinated action by the Treasury, the SEC and the CFTC therefore remain intentions, with no reported timetable. The GENIUS Act already provides a framework for stablecoins, with entry into force on January 18, 2027, while the future of the Clarity Act remains uncertain, pending the mid-term elections of November 3, 2026. Crypto file to follow…
Maximize your Tremplin.io experience with our ‘Read to Earn’ program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
