China News Today TheBitTimes.com

U.S. Treasury Secretary Scott Bessent is confident that people around the world are going to choose stablecoins over central bank digital currencies (CBDCs). In a new interview with Bloomberg, Bessent says the stablecoin sector creates an “exciting new payment rail.” “And importantly, it will be a source of demand for the US Treasury market, because if you think about it, in terms of preference globally, would you rather have a private stablecoin that’s backed by US Treasuries with US best practices and regulation, or would you rather have an [European Central Bank] or [People’s Bank of China] central bank digital currency that if you write a mean X post, the government could turn off. I think everyone’s going to choose the US private sector with US regulation all day, every day.”   Bessent says he’s been encouraging members of the House of Representatives to pass the Senate version of the GENIUS Act “as is...

In what is a statement of opposition to the decision, US President Donald Trump and his administration have vehemently disagreed with Moody’s decision to downgrade the United States’ credit rating. Indeed, Treasury Secretary Scott Bessent appeared on NBC News’ Meet the Press, where he challenged the rating’s importance. On Friday, the White House criticized the decision to downgrade the rating, according to Bloomberg. Specifically, the ratings firm cut the sovereign credit rating by a single level to close the week. It had identified concerns with the nation’s $36 trillion debt as the major reasoning behind the decision. JUST IN: President Trump disagrees with Moody's decision to downgrade the US credit rating. — Watcher.Guru (@WatcherGuru) May 19, 2025 Also Read: President Trump Ushering In Crypto ‘Golden Age,’ White House Official Says Trump Administration Challenges Moody’s US Credit Rating Downgrade It has been a rather overwhelming and often dis...