U.S. President-elect Donald Trump’s appointment of Scott Bessent as Treasury Secretary sparks optimism in the crypto industry.
Ripple CEO Brad Garlinghouse and other leaders praise Scott Bessent’s pro-innovation stance.
XRP and ADA prices rally significantly following the announcement of Scott Bessent’s nomination.
U.S. President-elect Donald Trump has named Scott Bessent as the next Treasury Secretary, a move met with enthusiasm from the cryptocurrency industry.
Ripple CEO Brad Garlinghouse, among other leaders, expressed optimism about Bessent’s appointment, citing its potential impact on the sector. The announcement also triggered significant market activity, with XRP and ADA prices reaching new highs.
https://twitter.com/_Crypto_Barbie/status/1860141215959908669
Scott Bessent, founder of Key Square Group and a prominent figure in financial markets, has been selected to lead the U.S. Treasury Department.
Bessent’s reputation was cemented during his tenure with George Soros, where he famously contributed to a successful short bet against the British pound in 1992.
“Scott is widely respected as one of the world’s foremost international investors and economic strategists,” Trump stated on his social media platform, Truth Social, as reported by Reuters.
Market reactions were immediate, with Wall Street and the crypto community interpreting Bessent’s appointment as a sign of potential pro-crypto policies.
Ripple CEO Brad Garlinghouse took to X (formerly Twitter) to commend Trump’s decision, describing Bessent as the “perfect pick.” Garlinghouse highlighted Bessent’s innovative mindset and suggested he could become the most pro-crypto Treasury Secretary in U.S. history.
Prominent figures in the crypto space, including Cardano founder Charles Hoskinson and pro-XRP attorney John Deaton, also welcomed the nomination.
Deaton emphasized the importance of appointing an SEC Chair aligned with digital innovation, while attorney Jeremy Hogan speculated on how the development might influence the timeline of Ripple’s ongoing lawsuit with the SEC.
The announcement contributed to a strong rally in cryptocurrency markets, with XRP and ADA leading gains. XRP rose by over 12% in 24 hours, hitting a high of $1.62. Weekly gains exceeded 60%, with analysts projecting further growth toward the $2 mark.
Similarly, Cardano’s ADA token surged by 22%, crossing the $1 threshold for the first time in months. ADA’s trading volume increased by 130% within 24 hours, reflecting heightened trader interest.
