China has barred domestic and offshore entities from issuing yuan-backed stablecoins without approval, citing risks to monetary sovereignty. The joint statement from the People's Bank of China and seven other agencies marks another step in Beijing's tightening grip on digital assets.

U.S. Treasury Secretary Scott Bessent urged Congress to pass the CLARITY Act, stressing its necessity for maintaining America's crypto leadership. The bill's progress has stalled despite Senate Majority Leader John Thune's pledge to schedule floor time later this spring.

Fact: Scott Bessent became U.S. Treasury Secretary in January 2025.

The regulatory divergence between Washington and Beijing creates clear winners and losers in the global crypto race. While China doubles down on centralized control, the U.S. seeks private-sector innovation through legislation, positioning digital assets as a tool for financial dominance rather than monetary sovereignty.