On January 27, the U.S. Senate confirmed Scott Bessent as the 79th Treasury Secretary with a 68-29 vote. Bessent, a billionaire hedge fund manager, earned support from 16 Democrats, alongside Republicans, marking a significant win for former President Donald Trump’s administration. Known for his global finance expertise, Bessent is supporter of Trump’s economic agenda.
Ripple CEO Brad Garlinghouse praised Bessent’s confirmation, expressing confidence in his ability to craft policies that promote innovation in U.S. technology and crypto sectors.
Senator Mike Crapo, chair of the Senate Financial Committee, also lauded Bessent as one of the sharpest minds in global finance.
Bessent’s Key Role in Economic Oversight
As Treasury Secretary, Bessent will oversee critical areas of the economy, including the $28 trillion Treasury debt market, tax collections, and fiscal policy. He will also play a role in financial regulations, international sanctions, and foreign investment strategies.
Bessent supports tax cuts, increased oil production, and the use of tariffs to bolster the U.S. economy. While some critics worry these policies may lead to inflation, Bessent has dismissed these concerns.
During his confirmation hearing, he called government spending “out of control” but refrained from detailing specific measures to address the issue. He also emphasized his commitment to protecting Social Security and Medicare programs, which are crucial to the federal budget.
Bessent’s Pro-Crypto Stance
Bessent’s pro-crypto views distinguish him from his predecessors. At a Senate Finance Committee hearing in January, Bessent rejected the idea of a U.S. central bank digital currency (CBDC), stating that there’s no need for one in the U.S. because of its strong investment options. He’s a strong advocate for cryptocurrency, aligning with Trump’s positive stance on the sector.
In a July interview, Bessent highlighted the freedom associated with crypto and described the sector as a key part of America’s economic future.
His leadership in the Treasury Department will likely influence the development of U.S. crypto policy, including participation in a government working group tasked with shaping future regulations.
Bessent’s confirmation is a crucial step for pro-crypto advocates, as his leadership promises a mix of financial expertise and openness to innovation in shaping the future of crypto regulation in the U.S.
