US Senate Confirms Pro-Crypto Advocate Scott Bessent as New Treasury Secretary
The U.S. Senate has officially confirmed Scott Bessent as the new Treasury Secretary, succeeding Janet Yellen. The confirmation vote took place on Monday, with 68 senators voting in favor of Bessent against 29 opposition votes. Appointed by President Donald Trump, Bessent is recognized for his strong advocacy of cryptocurrency and his commitment to fostering innovation within the digital asset space.
A Pro-Crypto Leader Takes the Helm
Scott Bessent, a billionaire hedge fund manager, has long been a vocal supporter of the cryptocurrency industry. Last November, President Trump nominated him to lead the Treasury Department, highlighting Bessent’s positive outlook on crypto as a symbol of freedom and a lasting component of the modern economy. Bessent has previously stated, “Crypto is about freedom, and the crypto economy is here to stay,” underscoring his belief in the transformative potential of digital assets.
Opposition to Central Bank Digital Currency
One of Bessent’s notable stances is his opposition to the creation of a central bank digital currency (CBDC) for the United States. He has expressed that, in his view, CBDCs are unnecessary for countries with robust investment alternatives. “In my mind, a central bank digital currency is for countries who have no other investment alternatives,” Bessent remarked, emphasizing his preference for private sector-led innovations in the crypto space.
Role in Shaping Crypto Policy
As Treasury Secretary, Bessent is expected to play a pivotal role in the newly established Presidential Working Group on Digital Asset Markets. This group, created under an executive order signed by Trump last week, is tasked with developing a comprehensive federal regulatory framework for digital assets, including stablecoins. Additionally, the working group will evaluate the potential creation of a “strategic national digital assets stockpile,” a move that has sparked discussions about the formation of a Strategic Bitcoin Reserve.
Support from Industry Leaders
Bessent’s confirmation has been welcomed by key figures in the cryptocurrency industry. Ripple CEO Brad Garlinghouse tweeted, “Congrats to the newly-confirmed Treasury Secretary Scott Bessent. I'm confident he'll enact common-sense economic policies, working with the Administration and Congress to grow US tech and crypto innovation.” This endorsement highlights the industry's optimism regarding Bessent’s ability to support and expand the crypto ecosystem within the regulatory framework.
Advocacy for Trump’s Economic Agenda
According to Reuters, Bessent is a “forceful advocate” for Trump’s economic policies, which focus on cutting taxes and imposing significant tariffs. He has publicly opposed the notion that these policies would exacerbate inflation, arguing instead that increasing oil production will help control inflation rates. Bessent is also expected to implement a 2.5% universal tariff on U.S. imports, escalating to as high as 20% monthly, as reported by the Financial Times. This aggressive tariff strategy aims to protect American industries and reduce reliance on foreign goods.