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Scott Bessent Confirmed as U.S. Treasury Secretary

Trump's string of successful Senate confirmations of his cabinet picks continues.

Jan 28, 2025 • 1 min read

The U.S. Senate has confirmed Scott Bessent, a former hedge fund manager who is generally seen as pro-crypto, as the new Treasury Secretary.

What's the Scoop?

Pro-Crypto Reputation: Known for supporting cryptocurrencies, Bessent is an advocate for blockchain innovation in financial markets but has also vocally opposed the creation of a central bank digital currency.
Regulatory Role: Alongside his other roles, Bessent will join a presidential working group focused on developing guidelines for the crypto industry.
Senate Approval: Scott Bessent was confirmed with a bipartisan 68-29 Senate vote.

Bankless Take

Scott Bessent has made comments in the past supporting the crypto space saying things like crypto is “here to stay” and is heavily against a central bank digital currency. His confirmation has brought hope and optimism for a more balanced and innovation-friendly regulatory approach. His experience and pro-crypto attitude could pave the way for a regulatory framework that would encourage innovation within the U.S.

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

Published in Bankless

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