Donald Trump Picks Cryptocurrency Proponent Scott Bessent as Treasury Secretary

Donald Trump has nominated Scott Bessent, a hedge fund manager and cryptocurrency advocate, to be his Treasury Secretary. Bessent’s pro-crypto stance has sparked optimism about a shift toward balanced regulation that could help the industry grow. His nomination is seen as a potential opportunity to foster innovation and create clearer policies for cryptocurrencies.

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Cryptocurrency industry leaders have responded enthusiastically to Bessent’s nomination. Ripple CEO Brad Garlinghouse hailed the nomination as a victory for innovation. He noted that Bessent’s leadership could be a turning point toward pro-crypto policies in Washington.

Similarly, Blockchain Association CEO Kristin Smith stressed the importance of Bessent working with Congress to create clear regulations, ensure fair tax treatment, and protect the rights of independent custodians of digital assets.