Scott Bessent, a millionaire hedge fund manager and crypto supporter, has been confirmed as the Treasury Secretary by the US Senate. With a majority of 68 votes in favor, the vote officially confirmed Bessent’s appointment to Trump’s cabinet.
Scott Bessent has been a vocal supporter of digital assets and blockchain. His ratification gives the industry more optimism for clearer regulations and practices that are favorable to cryptocurrency.
He also praised Trump’s use of cryptocurrencies, highlighting how they draw young people to the financial markets.
He told Fox Business in July 2024 that the cryptocurrency economy is here to stay and that it is for freedom.
Bessent is well-known for founding Key Square Capital Management and serving as billionaire George Soros’ principal investment officer.
According to Reuters, Scott Bessent will have significant authority over the $28 trillion Treasury debt market and tax collections in the United States. In addition, he would have control over foreign investments, financial laws, international sanctions, and fiscal policies.
Brad Garlinghouse, the CEO of Ripple, hailed Scott Bessent after the Senate confirmed him, describing him as “an incredible leader for Americans.”
“I have no doubt that he will implement sensible economic policies, collaborating with the administration and Congress to promote technological and crypto innovation in the United States.”
The Senate Financial Committee’s chairman, Republican Senator Mike Crapo of Idaho, described Scott Bessent as one of the “sharpest minds in the global finance industry.” Crapo noted that Bessent’s experience is “tailored for this role” prior to Monday’s confirmation.
Under the Biden Administration, Scott consented to delete the former chair’s cryptocurrency work
Janet Yellen, the former chair of the Federal Reserve, will be permanently replaced by Bessent after she is sworn in.
Yellen emphasized that it is “certainly worth getting involved” and endorsed the notion of investigating central bank digital currency (CBDCs).
Trump’s crypto directive, however, prohibits the establishment of the US CBDC, citing it as a “threat to the financial system.”
Scott Bessent affirmed that he supports the Federal Reserve’s independence and believes there is “no reason” to start a CBDC during the recent Senate Finance Committee confirmation hearing.
In addition, Scott Bessent owns interests and assets totaling more than $700 million. The total includes BTC ETF holdings valued between $250,000 and $500,000, according to a Benzinga article.
To get ready for his position as the country’s top economic policymaker, Bessent apparently intends to sell off a number of his assets, including his Bitcoin ETF investment.
