Trump Taps Pro-Crypto Scott Bessent for Treasury Secretary Role
US President-elect Donald Trump has nominated Scott Bessant to be his administration’s Treasury Secretary. The decision sparked enthusiasm in the nascent industry due to Bessent’s reputation for supporting cryptocurrencies.
Bessent and Cantor Fitzgerald CEO Howard Lutnick are considered front-runners for the job. However, Lutnick was ultimately nominated as Commerce Secretary.
Crypto Industry Welcomes Scott Bessent’s Nomination as Treasury Secretary
In a Nov. 22 statement posted on Truth Social, Trump praised Bessant as an ideal candidate to support his administration’s economic goals. The president said Bessent will play a key role in that Strengthen the U.S. economy and promote innovation, Maintain the U.S. dollar’s status as the global reserve currency.
“Scott will support my policies that will increase America’s competitiveness, stop unfair trade imbalances, and work to create an economy that puts growth first, especially through the world we are about to achieve,” Trump said. Energy dominance.” additional.
Bessent, a Wall Street veteran who founded international macro investment firm Key Square Group, brings a wealth of experience to the role. He previously served as chief investment officer to famed investor George Soros.
although President Trump’s The announcement did not directly mention cryptocurrencies, and many in the digital asset space viewed Bessent’s appointment as a positive sign. In past statements, Bessent has described cryptocurrencies as a symbol financial freedom. He also claimed Bitcoin Alternative investments aimed at young investors who are disenchanted with the traditional financial system.
“I’m excited about the president’s embrace of cryptocurrencies, I think it’s a great fit for the Republican Party, cryptocurrencies mean freedom in the crypto economy is here to stay,” Bessent point out.
His pro-crypto stance has led many to believe his leadership could encourage a more balanced approach to digital asset regulation. This contrasts with the outgoing administration’s heavy-handed enforcement tactics, such as controversial sanctions Decentralized platforms like Tornado Cash.
In fact, cryptocurrency industry leaders responded enthusiastically to Bessent’s nomination. Ripple CEO Brad Garlinghouse praise Bessant’s nomination, calling it a victory for innovation. He noted that Bessant’s leadership could mark a turning point Washington’s Cryptocurrency-Friendly Policies.
Likewise, Kristin Smith, CEO of the Blockchain Association, stressed the importance of Bessent working with Congress to create clear regulations, ensure fair tax treatment, and protect the self-custody rights of blockchains. digital assets.
“Key to this nomination is working with Congress to develop a regulatory framework for digital assets, protecting self-custody rights, pushing for clearer tax treatment of digital assets, and working closely with industry experts to protect our nation’s interests.” Safety,” Smith commented.
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