After weeks of intense speculation, President-elect Donald Trump has tapped Scott Bessent to be his Treasury Secretary. The lengthy selection process drew a number of high-profile names, including Cantor Fitzgerald's Howard Lutnick, former Federal Reserve Governor Kevin Warsh and billionaire Marc Rowan. Trump ultimately chose Bessent, and the decision was met with immediate approval from a wide range of sectors.
Ripple CEO Brad Garlinghouse was among the first to praise the president’s pick, calling new Secretary Bessent “a perfect choice.” Many experts have long expected Bessent’s nomination, given his pro-innovation stance on economic policy.
What the Bessent Nomination Means for Crypto
Scott Bessent has extensive experience in finance and is the founder of hedge fund Key Square Management. Before starting his own firm, Bessent worked for Jim Chanos and George Soros and is known for his advocacy of tax reform, conservative trade policies, and deregulation.
Bessent’s nomination as the next Treasury Secretary has been generally well received by the markets, including the cryptocurrency industry. Like the Securities and Exchange Commission (SEC), the Treasury Secretary has a say in digital asset regulation.
Ripple CEO Reacts to Treasury Secretary Pick
Minutes after Trump nominated Bessent, the crypto community immediately shared its thoughts, with Garlinghouse hinting at what the community could expect. Ripple’s CEO called Bessent the perfect choice for the position. Garlinghouse added that the new secretary, Bessent, could be the most crypto-friendly secretary of the Treasury.
Garlinghouse expects Bessent to move toward crypto-friendly policies. As CEO of Ripple, he has long advocated for pro-crypto rules and regulations and has actively worked with policymakers to create a favorable environment for digital assets. Last week, multiple reports said Garlinghouse had met with Trump. While Garlinghouse did not deny or confirm the reports, he liked a post about the alleged meeting.
