The US Senate has confirmed Scott Bessent on Monday to serve as President Donald Trump’s Treasury secretary. He is now fifth in the United States presidential line of succession.
16 Democrats supported the nomination and voted to make Bessent the 79th Treasury secretary. He was confirmed on a 68-to-29 vote.
Importantly for the crypto space, the new Treasury secretary has been a vocal supporter of blockchain and digital assets.
“Crypto is about freedom, and the crypto economy is here to stay,” he stated in a July interview with Fox Business. Bessent noted that digital assets enable young people and underrepresented individuals to enter financial markets.
Trump’s Secretary of Treasury nominee Scott Bessent:
“I think everything is on the table with Bitcoin.”pic.twitter.com/IuQZIIdtaz https://t.co/hkf3eyXzmS
— Pledditor (@Pledditor) November 22, 2024
Furthermore, with his pro-Bitcoin and pro-crypto stance, his position alignes with that of Trump, who once himself was a crypto critic.
Trump’s initiatives include creating a strategic Bitcoin Reserve. Actually, on 23 January, the old-new President issued an executive order that outlines the potential development of a “strategic national digital assets stockpile,” establishes a digital asset regulatory framework, bans CBDCs, and promotes blockchain innovation in the US.
Also, Bessent stance towards central bank digital currencies aligns with Trump’s order. During the Senate Finance Committee confirmation hearing, Bessent said there was “no reason” to launch a CBDC.
Crypto Advocate on Treasury Throne
Now that he’s been confirmed by the Senate, Bessent is expected to be a pro-crypto advocate while sitting in one of the nation’s highest economic positions.
His new role includes managing tax negotiations, tax collections, international economic relations, and the nation’s $28 trillion Treasury debt market. To say that this is a massive role would be an understatement.
Per Reuters, Bessent now holds power and “vast influence” over fiscal policy, financial regulations, international sanctions, and investments from overseas.
Ripple CEO Brad Garlinghouse called Bessent “an incredible leader for Americans,” saying that he is confident Bessent “will enact common-sense economic policies, working with the Administration and Congress to grow US tech and crypto innovation.”
Congrats to the newly-confirmed Treasury Secretary Scott Bessent! He’ll be an incredible leader for Americans!
I’m confident he’ll enact common-sense economic policies, working with the Administration and Congress to grow US tech and crypto innovation.
— Brad Garlinghouse (@bgarlinghouse) January 28, 2025
The 62-year-old Bessent is an American billionaire, investor, and hedge fund manager. Previously a supporter of Democrats, was a chief investment officer at Soros Fund Management, working for George Soros. In 2015, he founded the global macro investment firm Key Square Group.
However, he became a staunch supporter of Donald Trump, becoming a major donor, fundraiser, and economic advisor for Trump’s 2024 presidential campaign. In total, he donated more than $2 million for Trump’s 2016 and 2024 campaigns.
Earlier in January, Bessent disclosed assets worth some $700 million, though the actual amount is likely significantly higher.
Bazinga reported that he owned between $250,001 and $500,000 in BTC exchange-traded funds (ETF) holdings, but Bessent said he would sell several investments that could pose potential conflicts, including ETFs.
Bessent’s confirmation has raised hope in the crypto community that this administration may indeed create more crypto-favorable policies and establish the much-needed regulatory clarity.
All of this is bound to be beneficial for the crypto space overall. One sector that has reacted particularly well to the Trump-related news is meme coins. Despite the typical volatility and occasional drops in prices, the near future looks quite bullish for the sector.
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