Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Trump is Considering a Highly Pro-crypto Candidate for Treasury Secretary

Trump is Considering a Highly Pro-crypto Candidate for Treasury Secretary

BeInCryptoBeInCrypto2024/11/12 12:29
By:Mohammad Shahid

Scott Bessent, a pro-crypto advocate, emerges as Trump’s top pick for Treasury Secretary, signaling a potential shift in US crypto policy and market growth.

Scott Bessent has emerged as a top candidate for US Treasury Secretary in President-elect Donald Trump’s administration. Bessent is the founder of the renowned global macro investment firm Key Square Group.

His recent comments supporting Bitcoin and other digital assets align with Trump’s ambition to make the United States the “crypto capital of the planet.”

Trump’s Potential Treasury Secretary Supports the Crypto Economy

The selection process for Trump’s cabinet has intensified following his 2024 election victory. According to Fox Business Journalist Eleanor Terrett, Bessent is now among the frontrunners for the Treasury role. One potential candidate, John Paulson, withdrew his candidacy due to the complexity of his financial holdings. Both Bessent and Paulson have been longstanding allies of Trump, providing financial backing during his campaign.

“I have been excited about the president’s embrace of crypto and I think it fits very well with the Republican Party, crypto is about freedom and the crypto economy is here to stay,” Scott Bessent stated according Terrett’s recent post on X (formerly Twitter).

Bessent’s pro-crypto perspective contrasts sharply with Paulson’s past criticisms. Paulson, a key economic adviser to Trump’s 2016 campaign, has been vocal about his skepticism. He argued in 2021 that cryptocurrencies lack intrinsic value and are far more volatile than traditional markets. 

Despite this, Paulson remained a favorite for the Treasury Secretary position until his recent withdrawal. Reports suggested that Paulson was Trump’s primary choice as the Secretary. 

Trump has also initiated plans to replace SEC Chair Gary Gensler. As reported by BeInCrypto, the new President-elect’s transition team has been considering three pro-crypto candidates to replace Gensler in January. 

This shift in leadership could further bolster the crypto market, which has already reacted positively to Trump’s election win. Bitcoin’s price surged 30% post-election, reaching an all-time high of nearly $90,000. 

The rally has also spurred massive inflows into Bitcoin spot ETFs, which saw trading volumes soar to $7.22 billion on November 11. With key appointments on the horizon, the US appears poised to strengthen its position in the global crypto market. The US crypto regulatory environment is liekly to change drastically from the next year.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!