Trump nominated hedge fund manager Scott Bessent as Treasury Secretary. This former investment chief of Soros Fund is noted for his friendly stance towards cryptocurrencies. He supports Bitcoin as a national strategic reserve asset and advocates for reducing regulations on cryptocurrencies. If confirmed, Bessent would become the first Treasury Secretary in the U.S. to support cryptocurrencies. (Background: Trump's cryptocurrency advisory committee will assist in establishing a U.S. Bitcoin reserve) (Additional context: Trump’s reversal on 'not supporting crypto' could be disastrous! Forbes warns: investors shouldn’t celebrate too early) President-elect Donald Trump will be sworn in on January 20 next year and has recently nominated key cabinet positions including Treasury Secretary, Secretary of State, and Secretary of Defense, among others. The nominees still require confirmation from the U.S. Senate, and once approved, these cabinet members will take office officially with Trump. Trump nominated Scott Bessent as Treasury Secretary. Earlier today (23rd), Trump officially nominated hedge fund manager Scott Bessent as the new Treasury Secretary. Bessent is known to be the founder of Key Square Group and previously served as the investment chief at Soros Fund Management, playing a crucial role in successfully shorting the British pound and profiting over $1 billion from the trades. Trump stated during the announcement of the nomination that Bessent's support for the 'America First' agenda and his stance on tariffs on imported goods will help enhance the U.S. economic competitiveness. Additionally, he is an advocate for tax cuts and deregulation, promoting bank lending and energy production. Bessent's nomination has sparked market interest, with investors anticipating that he will bring stability to the U.S. bond market and help alleviate concerns about rising federal deficits. In August, he told Bloomberg that reducing the U.S. national debt should be a priority, which includes cutting government projects and other expenditures. This election is the last chance for the U.S. to avoid becoming a European-style socialist democracy and to rid itself of massive debt. Trump's nomination of Bessent is not surprising, as he previously served as Trump’s chief economic advisor and was one of the frontrunners for the Treasury Secretary position. At an event at the Detroit Economic Club in October, Trump referred to Bessent as 'one of Wall Street's top analysts.' Scott Bessent supports cryptocurrencies. Notably, Bessent is widely regarded as a supporter of cryptocurrencies; during a July interview with Fox Business, he stated: 'I am excited about (Trump) embracing cryptocurrency, as it aligns closely with the spirit of the Republican party. Cryptocurrencies symbolize freedom, and the existence of a crypto economy will be long-lasting and inevitable.' Bessent also supports recognizing Bitcoin as a national strategic reserve asset, believing it could be a wise move. He stated at the time: 'I think the various possibilities of Bitcoin are worth considering.' Bessent emphasized that integrating cryptocurrencies into the U.S. economic system is a key way to reconnect with 'groups disillusioned by traditional markets.' He further pointed out: 'Cryptocurrency is attracting young people and groups that have not previously participated in the market, allowing American market culture to operate and instilling belief in a system that serves them, which is at the core of capitalism.' Moreover, he also supports Trump in reducing regulations on cryptocurrencies and digital assets. Additionally, Matthew Sigel, the head of digital asset research at VanEck, had also pointed out that if Bessent takes office, he would become the first Treasury Secretary in the U.S. to support cryptocurrencies. Scott Bessent Treasury Secretary Odds Surpass 50%! (Would be America's First Pro-Crypto Treasury Secretary) pic.twitter.com/IrJi9ckKMD — matthew sigel, recovering CFA (@matthew_sigel) November 8, 2024 Trump nominated other cabinet members. Besides Bessent, Trump also nominated other cabinet members, including Russell Vought as Director of the Office of Management and Budget, Lori Chavez-DeRemer as Secretary of Labor, Howard Lutnick as Secretary of Commerce, and Marco Rubio as Secretary of State, among others. Related Reports Trump Media applies for new trademark 'TruthFi' related to digital wallets, crypto payments, and asset management Trump's cryptocurrency advisory committee will assist in establishing a U.S. Bitcoin reserve Musk reveals: Bezos predicted Trump would lose before the election! Told people to sell Tesla and SpaceX stocks "Trump nominated Bessent as Secretary of the Treasury; what is his stance on cryptocurrencies and support for Bitcoin reserves?" This article was first published on BlockTempo (BlockTempo - the most influential blockchain news media).

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