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Scott Bessent, Donald Trump's pick for Treasury secretary, will meet with Senator Elizabeth Warren later today in a showdown between two people with radically different views on cryptocurrencies.
Bessent, an outspoken advocate for blockchain technology, is expected to face questioning from Warren, one of Washington’s biggest crypto-haters. The meeting is part of a series of discussions on Capitol Hill ahead of his confirmation hearings next month.
Bessent's itinerary to Capitol Hill also reportedly included meetings with Republican Senators Mitch McConnell, Ted Cruz, and James Lankford.
Warren's War on Cryptocurrencies
Warren has made no secret of her disdain for cryptocurrencies. She claims they undermine financial systems, enable illicit activity, and allow bad actors to evade U.S. sanctions.
Its anti-money laundering bill, which now has 21 co-sponsors in the Senate, would crack down on the cryptocurrency industry with tougher regulations.
Warren specifically pointed to the role of cryptocurrencies in helping Russia evade sanctions after its invasion of Ukraine. “Crypto is the way to get rid of sanctions,” she declared.
The senator frequently targets prominent figures in banking and finance, and Bessent’s nomination has already drawn her ire. After Trump announced his pick for Treasury secretary in late November, Warren issued a statement accusing the administration of prioritizing Wall Street over working Americans.
"Wall Street may be breathing a sigh of relief after Scott Bessent's nomination, but workers don't see any help coming their way," she said.
Bessent's Pro-Crypto Playbook
Scott Bessent has been vocal about his belief in the transformative power of cryptocurrencies. “Cryptocurrencies are about freedom,” he said, adding that cryptocurrencies are targeting younger investors who are disillusioned with traditional financial systems.
His vision for the Treasury Department includes initiatives like creating a national Bitcoin reserve and forming a cryptocurrency advisory board, which is consistent with Trump's broader pro-crypto policies.
Before founding his own macro hedge fund, Key Square Group, Bessent was chief investment officer at Soros Fund Management. He made headlines in the 1990s when he made a $1 billion profit shorting the British pound, and later notched another big win against the Japanese yen in 2013.
At its peak, Key Square managed over $5 billion in assets, cementing Bessent’s reputation as a strategic thinker. He rejected the idea that cryptocurrencies should be defied by bad actors.
The Wall Street hero also criticized Democrats for targeting the entire industry instead of addressing specific issues. “The crypto economy is here to stay,” he said.
Given Warren’s influence in the Senate and her vocal stance against cryptocurrencies, today’s meeting will likely include some tough questions about Bessent’s plans for the Treasury and his unapologetic support for blockchain technology.
