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China could challenge US digital asset lead via Hong Kong, American Treasury chief warns

South China Morning PostEN 1 min read 100% complete by Xinmei ShenFebruary 5, 2026 at 09:12 PM
China could challenge US digital asset lead via Hong Kong, American Treasury chief warns
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US Treasury Secretary Scott Bessent testified before the Senate Banking Committee, warning that China could challenge US leadership in digital assets through Hong Kong. Bessent noted Hong Kong's active development of the digital asset industry and the Hong Kong Monetary Authority's global outreach. He stated that there are unconfirmed rumors of Chinese digital assets potentially being backed by assets other than the yuan, such as gold. Bessent's comments reflect the US goal of maintaining its dominance in the digital asset space and preventing China from gaining a competitive edge. The warning comes as Hong Kong is actively working to establish itself as a digital asset hub.

Key Entities & Roles

Key Player Opposition Context
Donald Trump 40% Hong Kong Monetary Authority 40% Senate Banking Committee 40% yuan 50% Cynthia Lummis 50% United States Treasury 70% Hong Kong ×380% United States ×380% Scott Bessent ×490% China ×590%

Keywords

digital assets 100% china 90% united states 80% hong kong 70% financial leadership 60% cryptocurrency 50% blockchain 50% us treasury 40%

Sentiment Analysis

Negative
Score: -0.30

Source Transparency

Source
South China Morning Post
Classification Confidence
90%
Geographic Perspective
China

This article was automatically classified using rule-based analysis.

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digital assetschinaunited stateshong kongfinancial leadershipcryptocurrencyblockchainus treasury
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