Crypto Advocate Scott Bessent Confirmed As Treasury Secretary

Scott Bessent

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.”

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.

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

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