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<p>At the Ripple 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. According to him, digital assets join AI and semiconductors in the technological rivalry with China. He also mentioned a joint action by the Treasury, SEC, and CFTC following the blocking of the Clarity Act in the Senate during a procedural vote.</p>
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  <h2 class="in-brief--title" id="in-brief">In brief</h2>
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   <li>On October 27, 2026, Scott Bessent places crypto alongside AI and chips in the rivalry with China.</li>
   <li>More than 90% of stablecoins are dollar-backed, according to Bessent (unverified figure).</li>
   <li>Enacted on July 18, 2025, the GENIUS Act establishes a federal framework for payment stablecoins, effective January 18, 2027.</li>
   <li>On September 15, 2026, the Clarity Act was blocked in a procedural vote in the Senate by 49 to 50.</li>
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<h2 id="h-why-does-bessent-associate-crypto-with-the-power-of-the-dollar">Why does Bessent associate crypto with the power of the dollar?</h2>
<p>According to Scott Bessent, the era when the <strong>dollar’s dominance</strong> historically relied on military strength is now over. Today, it increasingly relies on technology. On October 27, 2026, he cited <a href="https://www.cointribune.com/en/ai-comparison-2026-who-is-ahead/" rel="noopener noreferrer nofollow">AI</a> and semiconductors, then placed crypto in the same competition between the US and Chinese ecosystems.</p>
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<p>On the Swell stage, the Treasury Secretary summed up his idea as follows:</p>
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 <p><em>We will keep our military umbrella, but increasingly, it becomes a technological umbrella.</em></p><cite><em>Scott Bessent, United States Treasury Secretary, Ripple Swell conference, October 27, 2026</em></cite>
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<p>He therefore predicts that the <a href="https://www.cointribune.com/en/tag/etats-unis-en-2/" rel="noopener noreferrer nofollow">United States</a> will win in this infrastructure, which will strengthen the dollar.</p>
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<h2 id="h-can-stablecoins-finance-the-us-treasury">Can stablecoins finance the US Treasury?</h2>
<p>According to Scott Bessent, yes, as their adoption progresses. More than 90% of stablecoins are indeed dollar-backed and their issuers often hold US Treasury securities in reserve. The <strong>rise of stablecoins</strong> could thus increase demand for US debt.</p>
<p>That’s not all! He also sees <strong>access to the dollar for countries with unstable currencies</strong>. Signed on July 18, 2025, the <a href="https://www.congress.gov/bill/119th-congress/senate-bill/1582" rel="noopener noreferrer nofollow">GENIUS Act</a> already sets the federal framework for this crypto asset. It takes effect on January 18, 2027, according to the <a href="https://occ.gov/news-issuances/bulletins/2026/bulletin-2026-50.html" rel="noopener noreferrer nofollow">OCC</a>, which published its implementation rule on October 21, 2026.</p>
<p>For <strong>crypto investors in France</strong>, the framework differs. The <a href="https://www.cointribune.com/en/mica-esma-unveils-its-new-priorities-for-cryptos/" rel="noopener noreferrer nofollow">MiCA regulation</a> has already regulated stablecoins in the European Union since June 30, 2024.</p>
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<h2 id="what-happens-to-us-crypto-regulation-after-the-clarity-act-blockage">What happens to US crypto regulation after the Clarity Act blockage?</h2>
<p>The US Senate <a href="https://www.cointribune.com/en/clarity-act-falls-short-with-49-votes-in-the-senate/" rel="noopener noreferrer nofollow">blocked the Clarity Act</a> on September 15, 2026. The motion to proceed to the bill’s examination received 49 votes for and 50 against, while 60 were required, according to <a href="https://www.senate.gov/legislative/LIS/roll_call_votes/vote1192/vote_119_2_00234.htm" rel="noopener noreferrer nofollow">Senate roll call vote no. 234</a>. Scott Bessent considers this setback disappointing. However, he assures that the Treasury can bring together the SEC and CFTC to move forward through agencies.</p>
<p>He also mentions regulatory safeguards against <strong>delisting</strong> (the cutting off of banking services to crypto companies). However, an agency rule is easier to change than a law. A new vote remains possible since on the day of the vote, Senator Tillis filed a <a href="https://www.congress.gov/bill/119th-congress/house-bill/3633/all-actions" rel="noopener noreferrer nofollow">motion to reconsider</a>.</p>
<p>At this stage, <a href="https://www.cointribune.com/en/clarity-act-seen-as-stabilizing-force-for-investors/" rel="noopener noreferrer nofollow">Scott Bessent’s statements</a> on coordinated action by the Treasury, SEC, and CFTC remain intentions, with no timeline reported. The GENIUS Act already provides a framework for stablecoins, with enforcement starting January 18, 2027, while the future of the Clarity Act remains uncertain, pending the November 3, 2026 midterm elections. Crypto file to follow…</p>
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US: Bessent Sees Crypto As a Way to Defend the Dollar

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