Scott Bessent has been in the headlines over the past few days for two major developments as Secretary of the Treasury. The first involved a powerful statement regarding China’s efforts to restrict the export of rare earth minerals. According to multiple news outlets including Financial Times and The Epoch Times, Bessent stated that China made a real mistake by weaponizing rare earth exports. He explained that China’s gambit not only rattled global markets but also jolted the United States and its allies into fast-tracking plans to secure alternate supplies of these critical minerals over the next two years. Bessent told the Financial Times that Beijing’s move had drawn global attention to China’s willingness to use minerals as leverage and had alarmed Chinese leadership due to the broad international backlash. After direct talks between President Donald Trump and President Xi Jinping at the Asia-Pacific summit in South Korea, China agreed to suspend its export restrictions for one year, seeking to stabilize markets after weeks of tense negotiations.

Bessent further remarked that China, which produces roughly seventy percent of the world’s rare earths and processes even more, will see its dominance broken within two years. He asserted that the United States “has offsetting measures” in place to prevent similar moves in the future and highlighted ongoing partnerships with Southeast Asian nations and allied countries to diversify the supply chain. He noted that the suspension of Beijing’s controls offers relief to global buyers and stabilizes strategic supply lines vital for defense, electronics, and automobile industries.

The second headline event focused on Bessent’s surprising public endorsement of bitcoin and blockchain technology. On October thirty-first, marking the seventeenth anniversary of the Bitcoin white paper, Bessent praised the network’s resilience and continuous uptime, especially in comparison to the ongoing government shutdown in Washington. In his post, he pointed out that "Bitcoin never shuts down" and directly tagged Senate Democrats, urging lawmakers to learn from the digital asset’s reliability. This marked a dramatic shift in Washington’s approach, shifting from skepticism and regulatory clampdown to open consideration and respect for blockchain as a robust infrastructure.

Crypto industry leaders and analysts responded enthusiastically to Bessent’s comments, interpreting them as signals of a new era for digital finance in the United States. Bessent reaffirmed the Treasury’s interest in utilizing stablecoins and exploring budget-neutral strategies to expand its holdings of bitcoin. He suggested that the Trump administration remains committed to making the United States a leader in digital assets worldwide. This announcement spurred further public debate among technologists, regulators, and financial markets observers about the changing structure of crypto investment and regulatory oversight.

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