US Senate Confirms Pro-Crypto Scott Bessent as New Treasury Secretary

Highlights:

• The United States Senate confirmed Scott Bessent as Treasury Secretary with a 68-29 vote.
• Bessent will oversee $28 trillion in Treasury debt and influence fiscal and financial policy.
• Ripple CEO and Senator Crapo praised Bessent’s appointment for his finance expertise and leadership.

The US Senate has confirmed Scott Bessent, a crypto advocate and billionaire hedge fund manager, as Treasury Secretary. On January 27, the Senate confirmed Besset with a 68-29 vote, including 16 Democratic supporters. He will succeed former Federal Reserve Chair Janet Yellen.

As Treasury Secretary, Bessent will shape the nation’s tax policy and oversee the $28 trillion Treasury debt market. He will also play a key role in fiscal policy, financial regulations, international sanctions, and global investments.

Bessent Advocates for Crypto and Opposes CBDC

In November, Trump selected the billionaire hedge fund manager to head the Treasury Department. Bessent had previously voiced his support for crypto, describing it as a symbol of freedom and stating that the crypto economy is “here to stay.” 

Trump's Secretary of Treasury nominee Scott Bessent:

"I think everything is on the table with Bitcoin."pic.twitter.com/IuQZIIdtaz https://t.co/hkf3eyXzmS

— Pledditor (@Pledditor) November 22, 2024

The former Federal Reserve Chair had supported exploring central bank digital currencies (CBDCs), stating it is “worth pursuing.” However, in the recent Senate Finance Committee confirmation hearing, Scott Bessent said he sees “no reason” to introduce a CBDC and supports the Federal Reserve’s independence. “In my mind, a central bank digital currency is for countries who have no other investment alternatives,” he said in a previous statement.

Although Bessent didn’t discuss cryptocurrency policies at his nomination hearing, his background suggests familiarity with digital currencies. According to a Benzinga report, Bessent has assets and investments valued at over $700 million, including BTC ETF holdings between $250,000 and $500,000. However, Bessent reportedly plans to sell some of his assets, including his BTC ETF investment, to prepare for his role.

Incoming Treasury Secretary Scott Bessent Discloses $500k in Bitcoin ETF, Which He Will Divest pic.twitter.com/d5Q2Zjmdhm

— matthew sigel, recovering CFA (@matthew_sigel) January 12, 2025

In a recent executive order, President Trump directed the Treasury Department to create a strategy for digital assets. Bessent will head the department’s involvement in the working group tasked with delivering regulatory and legislative recommendations within six months.

Outside digital assets, the 62-year-old Tennessee lawmaker supports Trump’s economic agenda. This includes renewing $4 trillion in tax cuts, implementing tariffs, and increasing oil production. He also disagreed with the idea that Trump’s policies would cause inflation, Reuters reported.

Ripple CEO and Senator Crapo Praise Scott Bessent’s Appointment as Treasury Secretary

Ripple CEO Brad Garlinghouse welcomed the appointment, saying on X, “Congratulations to the newly-confirmed Treasury Secretary Scott Bessent! He will make a great leader for Americans.” Garlinghouse has previously called Bessent pro-innovation and pro-crypto, suggesting that the new Treasury Secretary may support innovation in the financial sector.

He stated:

“I’m confident he’ll enact common-sense economic policies, working with the Administration and Congress to grow US tech and crypto innovation.”

Idaho Republican Senator Mike Crapo, chair of the Senate Financial Committee, praised Bessent as one of the “sharpest minds in global finance.” Ahead of the confirmation on Monday, Crapo emphasized that Bessent’s experience is “perfectly suited for this role.”