Scott Bessent, known for his role as a billionaire hedge fund manager and advocate for cryptocurrencies, has been confirmed by the US Senate as the new Treasury Secretary. With a strong majority vote of 68, Bessent joins former President Donald Trump’s cabinet, bringing a pro-crypto perspective to one of the most influential economic positions in the country.
Bessent’s confirmation has generated optimism in the blockchain industry, as he has been an outspoken supporter of the technology and digital assets. In an interview with Fox Business in July 2024, Bessent stated, “Crypto is about freedom, and the crypto economy is here to stay.” His words underscore the potential for clearer and more favorable policies toward the sector.
In addition to his prominent role in global finance, Bessent gained recognition as Chief Investment Officer for billionaire George Soros and as the founder of Key Square Capital Management. His extensive experience and pro-innovation stance are widely viewed as assets for leading the Treasury Department in an era of rapid technological transformation.
Bessent will have significant influence over the $28 trillion US Treasury debt market, fiscal policies, financial regulations, international sanctions, and overseas investments. His approach to the economy and regulation is expected to shape the future of US finance, particularly in integrating emerging technologies into the financial system.
Crypto industry leaders welcomed the confirmation. Ripple CEO Brad Garlinghouse congratulated Bessent, describing him as “an incredible leader for Americans” and expressing confidence that he will implement sound economic policies that promote innovation in technology and cryptocurrency. Additionally, Republican Senator Mike Crapo, chair of the Senate Finance Committee, praised Bessent’s expertise, calling him “one of the sharpest minds in the global finance industry.”
Bessent will officially take office, replacing Janet Yellen, the former Chair of the Federal Reserve, who had supported the exploration of central bank digital currencies (CBDCs). However, Trump’s executive order has banned the creation of a US CBDC, labeling it a “threat to the financial system.” During his confirmation hearing, Bessent stated that he sees “no reason” to launch a CBDC and emphasized his support for the independence of the Federal Reserve.
Although Bessent holds assets worth over $700 million, including bitcoin ETF investments valued between $250,000 and $500,000, he reportedly plans to sell some of his holdings before assuming his role as the country’s top economic policymaker. This move reflects his commitment to transparency and impartiality in fulfilling his responsibilities.
