The US Senate confirmed Scott Bessent as Treasury Secretary on January 27 by a vote of 68-29, according to news reports. Despite stark ideological differences, 16 Democrats backed the nomination, indicating Bessent’s appeal across party lines.
His confirmation, driven by US President Donald Trump’s recommendation, is seen as a significant move for the US financial landscape. Scott Bessent, a billionaire hedge fund manager who is well-known for his support of cryptocurrencies, is expected to make policy changes, particularly in relation to digital currency and international financial regulations.
Bessent’s selection as Treasury Secretary has generated considerable discourse, particularly among bitcoin advocates. His confirmation might signify a pivotal moment in the convergence of finance and technology. Analysts are speculating on the policy modifications he will enact, particularly concerning digital currencies and banking laws.
As of today, the market cap of cryptocurrencies stood at $3.45 trillion. Chart: TradingView
Scott Bessent: Crypto Advocate
Bessent has always supported cryptocurrency. He is against centralized banks and supports decentralization. He thinks that cryptocurrencies will be important in the future of finance.
Eleanor Terrett, a journalist for Fox Business, stated in an X post on Nov. 11 that Bessent, the founder of Key Square Group and the former chief investor for Soros Fund Management, is “very pro-crypto.”
Trump’s leading pick for Treasury Secretary — billionaire hedge fund investor Scott Bessent — is very pro-crypto, particularly pro-Bitcoin.
Some recent statements:
“I have been excited about the president’s embrace of crypto and I think it fits very well with the Republican…
— Eleanor Terrett (@EleanorTerrett) November 12, 2024
His IT industry financial strategy and investment background gives him unique insights into crypto. This might be the start of a major financial revolution that goes beyond legislation.
Image: Patrick Semansky/AP Photo/file
What This Signifies For The US Crypto Scene
Under the direction of Scott Bessent, the US Treasury might show crypto companies more tolerance. Although it might cause conflict, his objection to the establishment of a central bank digital currency (CBDC) reflects his larger belief of preserving financial sovereignty.
In a Jan. 16 Senate Finance Committee hearing, he said: “I see no reason for the US to have a central bank digital currency.”
As the 79th Treasury secretary, Bessent will have a say in the country’s $28 trillion Treasury debt market and tax collections in his role as Treasury secretary. In addition, he will have influence over foreign investments, banking regulations, international sanctions, and fiscal policies.
The 62-year-old Tennessee lawmaker firmly supports Trump’s economic program, which includes renewing $4 trillion in expiring tax cuts, imposing tariffs, and increasing oil output. He also denied that Trump’s proposals will cause inflation, according to a report.
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
Crypto Industry Leaders Approve
Sector leaders have responded positively to the news. Ripple CEO Brad Garlinghouse said he was convinced Bessent’s leadership will help both tech companies and cryptocurrency entrepreneurs.
Featured image from MarketWatch photo illustration/Getty Images, iStockphoto, chart from TradingView
