On January 27, 2025, the U.S. Senate confirmed billionaire hedge fund manager Scott Bessent as the 79th U.S. Treasury Secretary, with a 68-29 vote, including support from 16 Democrats (Cointelegraph).
Bessent, 62, is the founder of Key Square Group and previously served as the Chief Investment Officer at Soros Fund Management. He emerged as a key economic advisor during President Donald Trump’s 2024 campaign.
Known for his pro-crypto stance, Bessent has expressed enthusiasm about integrating cryptocurrencies into the U.S. economy. He has stated, “Crypto is about freedom, and the crypto economy is here to stay.” He also opposes the creation of a U.S. central bank digital currency, asserting that it’s unnecessary for the country.
As Treasury Secretary, Bessent will influence fiscal policy, financial regulations, international sanctions, and oversee the nation’s tax collections and its $28 trillion debt market. He supports Trump’s economic agenda, including renewing expiring tax cuts, implementing tariffs, and increasing oil production. During his confirmation hearing, Bessent emphasized the need to address government spending, stating it was “out of control.”
Industry leaders have welcomed Bessent’s appointment. Ripple CEO Brad Garlinghouse congratulated him, expressing confidence that Bessent will “enact common-sense economic policies” to foster U.S. tech and crypto innovation.
Bessent’s confirmation is seen as a significant move toward integrating cryptocurrency into mainstream financial policy, reflecting the administration’s commitment to embracing technological advancements in the financial sector.
