Donald Trump, the President-elect of the United States, has appointed Scott Bessent as Secretary of the Treasury for his administration. This decision has generated excitement in the emerging industry due to Bessent’s pro-crypto reputation.
Bessent and Cantor Fitzgerald CEO Howard Lutnick were considered strong favorites for the position. However, Lutnick was eventually nominated as Secretary of Commerce.
Crypto Industry Bullish on New Treasury Secretary
In an announcement on Truth Social on Friday (22), Trump praised Bessent as the ideal candidate to support his administration's economic goals. The president said Bessent will play a key role in strengthening the U.S. economy, fostering innovation and maintaining the dollar's status as the global reserve currency.
Scott will support my policies that will boost U.S. competitiveness, and stop unfair trade imbalances, working to create an economy that puts growth first, especially through our future global energy dominance, Trump added.
Wall Street veteran Bessent, who founded international macro investment firm Key Square Group, brings a wealth of experience to the role. He previously served as chief investment officer for prominent investor George Soros.
While President Trump’s announcement did not directly mention cryptocurrencies, many in the digital asset space see Bessent’s appointment as a positive sign. In previous statements, Bessent has described crypto as a symbol of financial freedom. He has also called Bitcoin an alternative investment for young investors disillusioned with the traditional financial system.
I'm excited about the president's embrace of crypto and I think it fits very well with the Republican Party, crypto is about freedom in the economy, crypto is here to stay, Bessent stated.
His pro-crypto stance has led many to believe that his leadership could encourage a more balanced approach to digital asset regulation. This would therefore contrast with the previous administration’s heavy-handed enforcement tactics, such as its controversial sanctions on decentralized platforms like Tornado Cash.
Additionally, crypto industry leaders responded enthusiastically to Bessent’s appointment. Ripple CEO Brad Garlinghouse praised Bessent’s appointment, calling it a win for innovation. He also noted that Bessent’s leadership could mark a turning point for crypto-friendly policies in Washington.
Similarly, Kristin Smith, CEO of the Blockchain Association, highlighted the importance of Bessent working with Congress to establish clear regulations, ensure fair tax treatment, and protect self-custody rights for digital assets.
Crucial to this appointment would be working with Congress on a regulatory framework for digital assets, protecting the right to self-custody, fighting for clearer tax treatment of digital assets, and working closely with industry experts to protect our nation’s security, Smith said.
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