Scott Bessent has as been appointed as the new Treasury Secretary.
In the position, he will lead efforts to shape US crypto policies within six months.
In a move that has turned out to be yet another interesting update for the crypto industry, Scott Bessent was recently confirmed by the US Senate as the new Treasury Secretary. This was after 68 people voted in favor of him, and 29 voted against him at the Senate votes on Monday.
The billionaire and former hedge fund manager is well-known for his rather friendly stance toward crypto. So, his confirmation in this new role is expected to have a positive impact on the industry as a whole.
When he fully takes on the role and succeeds current Treasury Secretary and former Fed Chair Janet Yellen, Bessent is expected to direct fiscal policies aimed at boosting the economy under the newly installed administration of . However, based on his friendly relationship with crypto, the crypto community is fairly optimistic that those policies will not in any way harm digital assets.
Scott Bessent Has a Huge Task Ahead
For what it’s worth, the Trump administration has been clear about its economic policies. The government wants to retain tax cuts and focus on financial deregulation. However, it is now Bessent’s responsibility to support these policies in a way that will not hinder the growth of digital assets. Moreover, considering the president’s recent executive orders, which also included crypto policies.
President Trump had asked the Treasury Department to develop a strategy for digital assets. As expected, Bessent will lead the department’s efforts as it raises a committee that will come up with recommendations within six months.
Despite the huge task ahead of him, though, Bessent’s remarkable expertise will come in handy for Trump’s administration. As the Chair of the Senate Financial Committee, Senator Mike Crapo said during his confirmation that Bessent is “one of the sharpest minds in the global finance industry”.
Crypto Industry’s Expectations
Though Bessent did not say too much about crypto policies during his nomination hearing, he is certainly not a novice when it comes to digital currencies. At least, his financial statements show his active participation in the industry, having invested more than half a million dollars in Bitcoin ETFs.
Bessent’s confirmation as Treasury Secretary has also brought relief to many in the crypto industry. Ripple CEO Brad Garlinghouse is one of the prominent names to have shared his view of the appointment. In an X , he suggested that pro-crypto Bessent would be of great service to Americans.
Then, there is the fact that Trump’s present administration has also already to cease Central Bank-issued Digital Currency () development in the country. A move that Scott Bessent agrees with when he shared that the Fed has no business creating a CBDC.
Moving forward, expectations are high that Bessent’s leadership at the US Treasury Department will help the country to formulate crypto regulations that align with international standards.
