Professional-Crypto Scott Bessent Confirmed As US Treasury Secretary

Contents

Scott Bessent: Professional-Crypto Stance And Help For Trump’s Agenda Associated Articles

Be part of Our Telegram channel to remain updated on breaking information protection

The US Senate has confirmed the billionaire hedge fund supervisor Scott Bessent as the brand new US Treasury Secretary.

The Senate authorised Bessent’s affirmation by a vote of 68 to 29 on Monday, 16 Democrats supporting his nomination.

Brad Garlinghouse, Ripple CEO, congratulated Bessent on X, expressing confidence that he would implement sensible financial insurance policies and collaborate with the Trump administration and Congress “to develop US tech and crypto innovation.”

Congrats to the newly-confirmed Treasury Secretary Scott Bessent! He’ll be an unbelievable chief for People!
I am assured he’ll enact common sense financial insurance policies, working with the Administration and Congress to develop US tech and crypto innovation.
— Brad Garlinghouse (@bgarlinghouse) January 28, 2025

The primary duty of the Treasury Secretary is to supervise the nation’s tax collections and its $28 trillion Treasury debt market. Bessent can even be liable for fiscal coverage, monetary laws, worldwide sanctions, and abroad investments.

The 62-year-old Tennessee lawmaker is a powerful advocate for Trump’s financial agenda. Bessent helps the renewal of $4 trillion in expiring tax cuts, tariff implementation, and elevated oil manufacturing. He additionally said that Trump’s insurance policies wouldn’t result in inflation, in accordance with Reuters.

In his affirmation listening to, Bessent described authorities spending as “uncontrolled.”

Scott Bessent: Professional-Crypto Stance And Help For Trump’s Agenda

Acknowledged for his pro-crypto stance, Bessent opposes the thought of a central financial institution digital foreign money.

“I see no cause for the US to have a central financial institution digital foreign money,” he stated in a January 16 Senate Finance Committee listening to, including that such currencies are for nations with “no different funding alternate options.”

Below Trump’s January 23 crypto govt order, the Treasury shall be a part of a authorities working group that helps form technique for US crypto coverage.

Trump’s AI and crypto czar, David Sacks, together with the chairs of the SEC and CFTC, can even be a part of the working group. They’ll assist form US crypto coverage beneath the manager order.