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New Crypto Bill Keeps US at 'Forefront of Innovation': Counselor to Treasury Secretary Bessent
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July 17, 2025
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7:54Now PlayingJoseph Lavorgna, Counselor to Treasury Secretary Scott Bessent, shares his thoughts on the House passing the Stablecoin Bill and whether or not traditional financial institutions should worry about competition from cryptocurrency. He also discusses the Federal Reserve, President Trump, and where interest rates should be. Lavorgna speaks with Kailey Leinz and Tyler Kendall on the late edition of Bloomberg’s “Balance of Power.”
The total market value of cryptoassets surged past $4 trillion for the first time, driven by a rally in altcoins and momentum from a sweeping US legislative push to regulate the sector.
The milestone followed the passage of the first-ever federal legislation for stablecoins, a key accomplishment during what lawmakers have dubbed “Crypto Week.” The bill, backed by Republicans and championed by President Donald Trump, introduces federal or state oversight of dollar-linked stablecoin, aiming to legitimize a $265 billion market that Citigroup Inc. analysts project could grow to $3.7 trillion by 2030.
Altcoins — a catch-all term for tokens besides Bitcoin — led the latest leg of the rally, with Ether jumping 22% over the past five days. Bitcoin, the industry’s benchmark asset, hit a record $123,205 earlier this week. Uniswap surged as much as 24% on Friday, while Solana gained 6.5% at one point.
Thursday also saw the House pass a broader crypto market structure bill, which now awaits Senate consideration.
Investors have continued to flood into US-listed crypto ETFs. Bitcoin funds have attracted $5.5 billion in inflows so far in July, while Ether ETFs brought in $2.9 billion.
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