Bessent Just Confirmed The New Financial System Is Being Built Right Now | Bitcoin Simply

**Dante Cook** (0:00)
The financial system is being rebuilt, right now. And most people don't even know it's happening. Jack Dorsey said that the internet needed a native currency, and the best option for that right now is Bitcoin.

**Vlad Tenev** (0:11)
I'm interested in the internet having a native currency.

**Fong Lee** (0:14)
The best manifestation technology for that is today Bitcoin.

**Dante Cook** (0:17)
And Scott Bessent just announced that the new financial system will be built on platforms, protocols and systems.

**Scott Bessent** (0:23)
America will write the rules of the next economy. It will be shaped by the platforms, systems and protocols through which commerce flows in the 21st century.

**SPEAKER_5** (0:33)
I didn't hear you say anything about the use case of it. I mean, what if there was never really a credible fundamental story to begin with?

**Dante Cook** (0:40)
And somehow people are still asking what's Bitcoin's use case. They're asking the wrong questions. While everyone's watching the price and the negative sentiment out there right now, the plumbing of the global financial system is being replaced. Banks are evolving, money's moving on chain. And today, I'm going to show you why Bitcoin isn't trying to replace the new financial system. It's going to be the reserve asset that powers the next one. This is Dante Cook with Bitcoin Simply.
Let's go.
People laughed at crypto for years. It's fake. There's no use cases. But today, the world just flipped. Circle, the company behind USDC, just became a federally regulated national trust charter bank. Not a crypto startup, not a fintech app, a bank. And in his announcement, Jeremy Allaire, their CEO, didn't just call it another financial product. He called it a new money layer for the internet. But I'm sorry to tell Jeremy and everyone else, these new financial tools, these stable coins, these new crypto rails are just what they sound like, new innovations. But Bitcoin has been running and operating flawlessly with this same premise since 2009 Bitcoin at its core is infrastructure. Infrastructure for the new financial system, a real time decentralized global payment settlement network that other innovations will be built on top of. And this is why what Scott Bessent shared at the Academic Club of New York is so important. You have to understand this if you want to understand where the puck is going.

**Scott Bessent** (2:04)
Is that America will write the rules of the next economy.
Of course, unlike much of the last century, the next era of domestic competition will not be confined to the movement of goods across oceans and ports. It will be shaped by the platforms, systems and protocols through which commerce flows in the 21st century. In each of these domains, standards become strategy. For the nation that fails to help write the rules of the next economy were sooner or later answer to those that did. If authoritarian or mercantilist systems write those standards for their own advantage, the global economy will become more coercive and less favorable to American interest. If America and our partners set open, secure, market-based standards, then the 21st century will tilt toward freedom and prosperity by rewarding innovation, protecting intellectual property, and ensuring that competition is not distorted by discrimination.
That is the system America should champion, and it is the system that our partners have every reason to build together with us.
I think, for example, of the new frontiers in financial technologies, digital assets, stable coins, tokenization, and new payment systems will help to shape the future of money.

**Dante Cook** (3:25)
The future of money, platforms, protocols, systems. That's infrastructure language. That's backbone language. And a company and CEO who knows the backbone and infrastructure of the financial system probably better than anyone right now is Vlad Tenev, the CEO of Robinhood. And he also says that the lines between finance is blending with crypto rails.

**Vlad Tenev** (3:46)
I think that, I don't know how much, how controversial this would be to say with this audience, but when I say this with a more general audience, very controversial. I actually think cryptocurrency and traditional finance have been living in two separate worlds for a while, but they're going to fully merge. And we're talking about tokenized stocks and other real world assets.
Stablecoin, which is an early form of this, the great example of this. I think that crypto technology has so many advantages over the traditional way we're doing things, that in the future, there's going to be no distinction. It's kind of like how technology itself was viewed as a sector of the economy for a very long time. Still is, you know, there's technology companies and everything else. I think crypto will go through a same transition, where we're sort of like thinking about it in its own bucket, but eventually, you know, everything will be on chain in some form or another, and the distinction will kind of disappear.