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Sujha Sundararajan
Author
Sujha Sundararajan
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The US Senate has voted to confirm crypto advocate and billionaire hedge fund manager Scott Bessent as the Treasury Secretary. The vote ended with the majority of 68 in favor, confirming that Bessent will formally be joining Trump’s cabinet.
Scott Bessent has been an outspoken advocate for blockchain and digital assets. His confirmation adds hope of more regulatory clarity and crypto-favourable policies to the industry.
Additionally, he lauded Trump’s embrace of cryptocurrency, emphasizing the role of cryptos in attracting the young to financial markets.
“Crypto is about freedom, and the crypto economy is here to stay,” he told Fox Business in July 2024.
Bessent is known for his tenure as chief investment officer for billionaire George Soros and as the founder of Key Square Capital Management.
Scott Bessent will have strong control over America’s tax collections and its $28 trillion Treasury debt market, Reuters reported. Besides, he would have sway over fiscal policy, financial regulations, international sanctions and overseas investments.
Following the Senate’s confirmation, Ripple CEO Brad Garlinghouse congratulated Scott Bessent, calling him “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.”
Idaho Republican Senator Mike Crapo, who chairs the Senate Financial Committee, said that Scott Bessent is one of the “sharpest minds in the global finance industry.” Before the confirmation on Monday, Crapo added that Bessent’s background is “tailor-made for this role.”
Scott Bessent to Erase Former Chair’s Crypto Work Under Biden Admin
Bessent will officially sworn in to permanently replace predecessor Janet Yellen, who was the former chair of the Federal Reserve.
Yellen supported the idea of exploring central bank digital currencies (CBDCs), stressing that it is “certainly worth getting involved.”
However, Trump’s crypto order bans the creation of the US CBDC, calling it a “threat to the financial system.”
During the recent Senate Finance Committee confirmation hearing for Scott Bessent, he confirmed that he sees “no reason” to launch a CBDC and is in favor of the independence of the Federal Reserve.
Furthermore, Scott Bessent holds assets and investments worth over $700 million. Per a report by Benzinga, the tally includes BTC ETF holdings worth $250,000 to $500,000.
However, Bessent reportedly plans to dispose several of his assets including his BTC ETF investment to prepare for his role as nation’s top economic policymaker.
