Trump taps pro-crypto Scott Bessent as Treasury Secretary, backing blockchain
President-elect Donald Trump has chosen Scott Bessent, a pro-crypto hedge fund manager, as Treasury Secretary.
If confirmed, he may introduce policies favoring crypto, improve regulatory clarity, and integrate digital assets into mainstream finance, marking a significant shift from the more cautious approach of the Biden administration.
Trump posted on his social media platform Truth Social: “I am pleased to nominate Scott Bessent to serve as the 79th Secretary of the Treasury of the United States. Scott is widely respected as one of the world’s foremost international investors and geopolitical and economic strategists. Scott’s story is that of the American dream.”
Since Trump was elected this month, ReadWrite reported that he has been positioning more crypto-friendly personnel in positions across major federal financial regulators, including the Securities and Exchange Commission.
Who is Scott Bessent?Bessent, 62, a South Carolina native, has built a career in finance, including working with renowned short-seller Jim Chanos and managing his own hedge fund.
As the former chief investment officer for billionaire George Soros and founder of Key Square Capital Management, Bessent is a vocal advocate for blockchain and digital assets.
This is Scott Bessent, the new US Treasury Secretary.
Here is all you need to know about him.
— Alf (@MacroAlf) November 24, 2024
As a money manager, he made a large wager on Trump’s victory, identifying what he described as an irregularity in the market—that analysts were overly pessimistic about the impact of a Trump presidency.
Following Trump’s election, the market surged, which Bessent described as signaling investor expectations of “higher growth, lower volatility and inflation, and a revitalized economy for all Americans.”
Earlier this year, in an interview with Fox Business, Bessent stated, “Crypto is about freedom and the crypto economy is here to stay. Crypto is bringing in young people, people who have not participated in markets.”
Bessent has championed tax reform and deregulation, especially their potential to boost bank lending and increase energy production, as seen in a recent Wall Street Journal opinion piece he authored. He wrote: “The only way to return to a prudent borrowing strategy without upsetting financial markets is restoring investors’ faith in the economy and preserving the dollar’s global role.”
He has advocated rolling back government subsidies, loosening regulatory constraints, and ramping up domestic energy production. Differing from many on Wall Street, Bessent has also expressed support for tariffs, a signature economic tool of Trump’s administration.
Featured image: Canva / Ideogram
The post Trump taps pro-crypto Scott Bessent as Treasury Secretary, backing blockchain appeared first on ReadWrite.