📌Trump nominates Bessent as Secretary of Finance, another SEC Democrat withdraws, and the cryptocurrency market is booming!
Last week, Trump formally nominated Scott Bessent, who is friendly to cryptocurrencies, as U.S. Treasury Secretary. This nomination is a huge boost for Bitcoin and the cryptocurrency market. If Congress approves Bessent's nomination, he will be officially appointed to become the next U.S. Treasury Secretary after Janet Yellen.
Scott Bessent expressed his excitement about Trump’s support for cryptocurrencies in a July Fox interview, emphasizing that the decision to stand with cryptocurrencies is in line with the spirit of the Republican Party. He specifically mentioned that the core value of cryptocurrency is freedom and firmly believes that the cryptocurrency ecosystem will continue to grow and expand. He also added that cryptocurrencies are attracting young people, as well as those who have never participated in the market.
Bessent’s friendly stance bodes well for the potential for significant improvements and very positive developments in the regulation and transparency of Bitcoin and cryptocurrencies over the next four years.
At the same time, Jaime Lizárraga, a Democratic committee member of the SEC, chose to resign along with outgoing SEC Chairman Gary Gensler. This change leaves the SEC committee with only 3 members, of which 2 are Republican members and 1 is a Democratic member. . Therefore, with President Trump taking office, the Republicans would have full control of the Senate and House of Representatives, which could pave the way for more crypto-friendly regulations.
At the same time, the newly appointed U.S. Secretary of Finance’s potentially friendly stance towards cryptocurrencies, combined with possible SEC policy shifts, together indicate that the cryptocurrency industry will usher in a positive and healthy development trend in the next four years, especially in 2025. This is exactly the kind of development the market has been waiting for for years.
It is believed that with the implementation of these positive changes, cryptocurrency is expected to enter a new stage with more robust supervision and greater support. This not only provides a strong guarantee for the continued growth of cryptocurrencies, but also greatly boosts market confidence in this emerging asset class.
