The U.S. Senate has confirmed Scott Bessent, a billionaire hedge fund manager and pro-crypto advocate, as the new Treasury Secretary. In a vote on Monday, Bessent received strong bipartisan support, with 68 senators voting in favor and 29 against. He succeeds Janet Yellen in the role.
Bessent, nominated by former President Donald Trump last November, has been vocal about his support for cryptocurrency, describing it as a symbol of freedom and stating that the crypto economy is “here to stay.” He has also expressed skepticism about the need for a U.S. central bank digital currency (CBDC), saying, “In my mind, a central bank digital currency is for countries who have no other investment alternatives.”
As Treasury Secretary, Bessent will be a key figure in the newly-formed “Presidential Working Group on Digital Asset Markets,” created under an executive order signed by Trump last week. The group’s mission includes developing a federal regulatory framework for digital assets, addressing stablecoin policies, and evaluating the creation of a “strategic national digital assets stockpile.”
Bessent’s appointment has drawn praise from industry leaders. Ripple CEO Brad Garlinghouse congratulated him on social media, expressing confidence that Bessent would enact “common-sense economic policies” to foster U.S. tech and crypto innovation.
In addition to his stance on digital assets, Bessent is a strong proponent of Trump’s broader economic agenda. He supports cutting taxes and imposing significant tariffs to protect U.S. industries. According to the Financial Times, Bessent is expected to introduce a 2.5% universal tariff on imports, with the rate potentially increasing monthly to as high as 20%.
Bessent has dismissed concerns that these policies could worsen inflation, citing plans to increase domestic oil production as a stabilizing factor. His confirmation signals a shift in economic priorities, with a focus on leveraging digital assets and implementing protectionist trade policies to strengthen the U.S. economy.
The crypto and financial industries will be closely watching Bessent’s leadership as he balances innovation in digital finance with broader economic reforms.
