Trump’s Treasury Pick Scott Bessent Moves to Divest Bitcoin to Avoid Conflict of Interest
President-elect Donald Trump’s nominee for Treasury Secretary Scott Bessant plans to liquidate several of his investments, including holdings in Bitcoin exchange-traded funds (ETFs), to avoid possible interest if confirmed conflict. Billionaire hedge fund manager Bessant has filed an ethics agreement and financial disclosures ahead of his upcoming Senate confirmation hearing.
According to the New York Times, Disclosure shows assets worth more than $700 millionincluding investments in Bitcoin ETFs ranging from $250,000 to $500,000. Bessant, who once worked for billionaire philanthropist George Soros, has pledged to sell his investments in various funds, trusts and other holdings to ensure there is no conflict if he is confirmed as Treasury secretary.
In addition to Bitcoin-related assets, Bessent disclosed other investments that could create conflicts, such as a margin loan with Goldman Sachs and a stake in conservative publisher All Seasons. In order to comply with ethical requirements, Bessant pledged to avoid any financial interests that might interfere with his duties at the Treasury Department.
Bessent’s latest hedge fund, Key Square Capital, launched in 2016 with a $4.5 billion fund, including $2 billion from George Soros. However, it now manages far less money. Bessent’s previous fund in the early 2000s also had disappointing results.
As Treasury secretary, Bessant will be tasked with managing the federal debt while advancing Trump’s plan to extend expiring tax cuts and eliminate taxes on Social Security benefits. He was a strong supporter of tax reform and deregulation aimed at boosting bank lending and energy production. Bessant also signaled support for the new administration’s strong dollar policy.
