Scott Bessent Confirmed as Treasury Secretary, Ripple CEO Shows Support

• Scott Bessent confirmed as Treasury Secretary with bipartisan support, 68-29 vote.
• Ripple CEO Brad Garlinghouse endorses appointment, optimistic about crypto policies.
• Bessent faces urgent debt cap challenges and a pivotal role in U.S. economic policy.

Scott Bessent has secured confirmation as President Donald Trump’s Treasury Secretary in a bipartisan Senate vote of 68-29. The confirmation received notable support from 16 Democrats, indicating broader confidence in Bessent’s ability to handle complex economic challenges.

Ripple CEO Brad Garlinghouse publicly endorsed the appointment, showing optimism about Bessent’s potential impact on technological and cryptocurrency development in the United States. Garlinghouse’s statement, shared via X, emphasized expectations for “common-sense economic policies” that could benefit both the technology sector and the cryptocurrency industry.

As the 79th Treasury Secretary, Bessent inherits major responsibilities overseeing the nation’s $28 trillion Treasury debt market and federal tax collection system. His role becomes particularly crucial given the immediate challenges facing the administration. This includes managing federal cash flows after hitting the statutory debt limit during Trump’s second day in office.

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During his confirmation hearing, Bessent addressed several pressing economic concerns. He characterized the potential failure to renew $4 trillion in expiring tax cuts as a “calamity” for middle-class Americans and defended the administration’s tariff policies as tools for increasing revenue and strengthening America’s international negotiating position. Notably, he provided assurance against default risks, stating explicitly that no default would occur during his tenure.

The new Treasury Secretary faces multiple complex challenges. The Treasury Department has already implemented “extraordinary measures” to prevent breaching the debt cap, and Bessent must manage the rollover of more than 60% of federal debt during his term. Bessent’s confirmation arrives at a critical juncture for both traditional finance and cryptocurrency markets.

The Treasury Secretary’s approach to regulation and policy implementation will likely influence the trajectory of cryptocurrency adoption in the United States. His leadership will be key in shaping how the administration balances traditional financial stability with the cryptocurrency industry.

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