Billionaire hedge fund manager Scott Bessent, known for his support of cryptocurrency, has been confirmed as the new US Treasury Secretary. On January 27, the Senate approved his nomination with a 68–29 vote, including support from 16 Democrats.
A Pro-Crypto Voice in the Treasury
As Treasury Secretary, Bessent will oversee critical aspects of the US economy, including fiscal policy, tax collection, financial regulations, and international sanctions. His influence will extend to managing the nation’s $28 trillion Treasury debt market and shaping overseas investments.
Bessent’s pro-crypto stance has already garnered attention. Ripple CEO Brad Garlinghouse congratulated him on social media, expressing optimism that Bessent will champion policies that foster technological and cryptocurrency innovation.
Bessent opposes the creation of a US central bank digital currency (CBDC), calling it unnecessary for the nation. During a January 16 Senate Finance Committee hearing, he remarked that CBDCs are typically adopted by countries with limited investment options or out of necessity.
In a July interview with Fox Business, Bessent praised the crypto sector as a symbol of economic freedom, adding, “The crypto economy is here to stay.”
Aligning with Trump’s Economic Vision
A staunch supporter of former President Donald Trump’s economic agenda, Bessent has backed measures such as renewing $4 trillion in expiring tax cuts, imposing tariffs, and expanding oil production. During his confirmation hearing, he criticized excessive government spending, warning it was “out of control.”
Bessent’s appointment aligns with Trump’s January 23 executive order on cryptocurrency, which established a governmental working group to develop the nation’s crypto strategy. As part of this initiative, the Treasury will collaborate with Trump’s AI and crypto czar David Sacks, as well as leaders from the SEC and the Commodity Futures Trading Commission.
Bessent’s confirmation comes at a pivotal moment for US financial policy. With the crypto economy continuing to grow and regulation in the spotlight, his leadership is expected to play a key role in shaping the nation’s approach to digital assets and innovation.
