US Senate Confirms Trump’s Pick Billionaire Scott Bessent As Treasury Secretary
The US Senate has officially confirmed Scott Bessent, a billionaire hedge fund manager and Donald Trump’s nominee, as the next US Treasury Secretary.
The 27 January 2025 vote concluded with 68 senators in favor and 29 opposed, with 16 Democrats crossing party lines to support Bessent’s nomination.
Ripple CEO Brad Garlinghouse publicly congratulated Bessent on X, expressing confidence in his ability to foster policies that promote US tech and cryptocurrency innovation.
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Bessent To Oversee Critical Areas As Treasury Secretary
As Treasury Secretary, Bessent will oversee critical areas, including tax collection, the $28 trillion Treasury debt market, financial regulations, fiscal policy, international sanctions, and foreign investments.
Bessent, a 62-year-old from Tennessee, is a staunch supporter of Trump’s economic agenda. His priorities include renewing $4 trillion in expiring tax cuts, implementing tariffs, and increasing domestic oil production.
He has also dismissed concerns that Trump’s policies could contribute to inflation, as reported by Reuters. During his confirmation hearing, Bessent criticized what he called “out of control” government spending.
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
Known for his pro-crypto stance, Bessent has voiced opposition to the idea of a central bank digital currency (CBDC), a sentiment echoed by Trump.
Speaking at a Senate Finance Committee hearing on 16 January 2025, Bessent described CBDCs as a tool for nations with limited investment alternatives, stating, “The US has no need for a central bank digital currency.”
He further emphasized his enthusiasm for cryptocurrency, telling Fox Business last July, “Crypto represents freedom, and the crypto economy is here to stay.”
Bessent’s role will also involve implementing Trump’s Jan. 23 crypto executive order, which established a governmental working group to develop the country’s crypto strategy.
This group includes David Sacks, Trump’s AI and crypto czar, alongside the chairs of the SEC and CFTC. Together, they will shape the future of U.S. crypto policy.
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Trump Appoints Crypto-Friendly Individuals To Key Positions
Last month, Trump nominated former Securities and Exchange Commission Commissioner Paul Atkins, a crypto advocate, to chair the agency. Industry leaders hope Atkins’ leadership will bring a more favorable regulatory environment for digital assets.
Under the Biden administration, outgoing SEC Chair Gary Gensler took a stringent approach to the crypto industry, initiating enforcement actions against several high-profile companies and projects.
Trump has been critical of Gensler’s policies, promising during his campaign to fire him “on day one.” However, Gensler pre-empted this move by announcing his resignation, effective January.
As reported, the SEC has taken a tougher stance against crypto firms in 2024. More specifically, the regulator imposed nearly $4.7 billion in enforcement actions against crypto companies, a 3,018% increase from 2023.
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