- Scott Bessent was confirmed as the 79th US Treasury Secretary.
- Bessent opposes central bank digital currencies and supports crypto innovation.
Scott Bessent, a billionaire hedge fund manager and vocal crypto supporter, has officially become the 79th US Treasury Secretary. The Senate confirmed his nomination with a 68-29 vote, following President Donald Trump’s recommendation. Bessent succeeds Janet Yellen and takes office at a crucial time for US fiscal and crypto policy.
Bessent’s pro-crypto stance sets him apart from previous Treasury leaders. He has openly advocated against a central bank digital currency (CBDC), stating it suits nations without viable investment alternatives. The “Presidential Working Group on Digital Asset Markets” will create a federal regulatory framework for digital assets under Bessent’s leadership.
Bessent’s Economic Agenda
Although Bessent didn’t prioritize crypto in his nomination hearing, he will still play a crucial role in shaping US crypto regulations. Furthermore, he has already liquidated his Bitcoin exchange-traded fund holdings to avoid conflicts of interest. The Treasury Department will also collaborate with other agencies to modify existing crypto regulations, ensuring a comprehensive strategy.
Apart from crypto, Bessent is expected to focus heavily on taxes and trade policies. Trump’s administration has tasked him with renewing $4 trillion in expiring tax cuts and imposing universal tariffs on US imports. The Financial Times reported that the initial tariff rate of 2.5% could rise monthly to 20%.
Bessent also faces immediate financial challenges. The Treasury has already hit the statutory debt limit, forcing the department to adopt extraordinary measures to prevent a default. Managing cash flow and ensuring debt stability will be among his top priorities. Over 60% of federal debt is set to roll over under his watch, further complicating fiscal management.
Bessent’s appointment has sparked optimism within the crypto community. Ripple CEO Brad Garlinghouse expressed confidence that he will promote US tech and crypto innovation through common-sense economic policies.
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