News

New US Treasury Secretary Scott Bessent Is a Crypto Supporter

Key Points:

  • President-elect Donald Trump has nominated Scott Bessent, founder of Key Square Group, as the next US Treasury Secretary.
  • Bessent, a strong advocate for cryptocurrencies, supports Trump’s plan for a strategic Bitcoin Reserve and is expected to influence digital currency policies.
According to Bloomberg, Donald Trump, the president-elect, disclosed that Scott Bessent, the founder of Key Square Group, a macro hedge fund, will be his nominee for the position of US Treasury Secretary.

Read more: Treasury Digital Asset Regulations Are Causing Concerns About Being Applied In 2025

Trump Appoints Scott Bessent to US Treasury Secretary

Bessent, who was a key economic adviser to Trump’s campaign, is likely to be instrumental in leading the administration’s economic policies in the second term of his administration.

A staunch supporter of digital currencies, Bessant has also been vocal in support of cryptocurrencies, which he says are going to be pivotal in the future of the financial world. The support of Trump’s plan to establish a Strategic Bitcoin Reserve aligns with the administration’s interest in integrating digital assets into the economy.

If confirmed by the Senate, Bessent would be one of the most senior designers of the US Treasury’s cryptocurrency policy, including levelling sanctions against foreign crypto projects and advising on the central bank digital currency debate.

Bessent to Advise on Federal Reserve Chair Selection in 2026

The appointment of Bessent represents a dramatic turn for the Treasury Department to promote modernization in financial systems and recognize digital currencies within the wider framework of the economy. Because of his pro-crypto stance, he is very strong on financial freedom and, of course, on innovation.

In addition to his portfolio of responsibilities, the new US Treasury Secretary will also advise Trump on nominees for the chairmanship of the Federal Reserve when Jerome Powell‘s term expires in 2026.

Traders expected Bessent’s appointment, although other names, including Cantor Fitzgerald chief executive Howard Lutnick, had been considered before he was named Commerce Secretary.

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Bitcoin Price on Christmas Day 2024: Trick or Treat?

Predictions for Bitcoin price on Christmas Day. Will 2024 bring a trick or a treat?…

22 minutes ago

3 Best Tokens for The Coming Altcoin Season: Ethereum (ETH), Cardano (ADA), Rexas Finance (RXS)

These tokens could deliver groundbreaking returns, leaving you wealthier than before. They are Ethereum (ETH),…

1 hour ago

BingX Provides Free SEPA & SEPA Instant Euro Deposit Service to Users

Vilnius, Lithuania, 23rd December 2024, Chainwire

1 hour ago

Top Reasons to Choose Qubetics, Bitcoin, and AAVE as the Best Coins to Join Now 

Explore why Qubetics, Bitcoin, and AAVE are the Best Coins to Join Now. Dive into…

3 hours ago

Market Overview (Dec 16 – Dec 22): Altcoins Stall, BTC Faces Strong Pullback

MicroStrategy buys 15,350 BTC; Ripple launches RLUSD; Lido exits Polygon; BTC drops post-ATH; reduced liquidity…

4 hours ago

Bybit Proof Of Reserve Shows Changes In BTC, ETH, And USDT

Bybit Proof of Reserve reveals BTC holdings at 50,412 (-8.55%), ETH at 525,641 (+8.11%), and…

6 hours ago

This website uses cookies.