Donald Trump has selected Scott Bessent as his new Treasury Secretary — a man who sees crypto as a natural fit for free markets and economic freedom.
Bessent, a veteran hedge fund manager and trusted Trump adviser, has backed the president-elect’s vision for digital assets.
This vision could potentially include a national Bitcoin reserve and a crypto presidential advisory council.
In a July interview, he praised Trump’s pro-crypto stance while taking aim at the Democrats’ approach to the industry.
“They’re willing to take on the whole industry because of the bad behavior of one actor,” Bessent said, referring to the fallout from Sam Bankman-Fried’s donations to Democratic causes.
“Crypto is about freedom, and the crypto economy is here to stay,” he added.
He highlighted Bitcoin’s ability to attract younger investors and those disillusioned by traditional markets after the 2008 financial crisis.
“Having a market culture in the US where people believe in a system that works for them is the centerpiece of capitalism,” he said.
Bessent has built a reputation as one of Wall Street’s top strategists, earning Trump’s trust through his support for policies like tax cuts and deregulation.
While previously cautious about cryptocurrency, his recent remarks show alignment with Trump’s efforts to make the US a global leader in the space.
If confirmed, Bessent will oversee major economic issues, including extending Trump-era tax cuts and managing federal debt, while shaping crypto’s role in national policy.
Crypto market movers
Bitcoin is down 0.3% over the past 24 hours to $98,606.
Ethereum is up 0.6% over the past 24 hours to $3,360.
What we’re reading
Dogecoin Jumps on Fresh X Payments Speculations After Elon Musk Tweet — CoinDesk
Why short sellers are circling ‘overheated’ MicroStrategy as Bitcoin price nears $100,000 — DL News
Robinhood exec Dan Gallagher rules out leading SEC — The Block
A middleschool memecoin founder’s dog was stolen as part of a shilly stunt. Or was it? — DL News
Democratic SEC Commissioner Is Stepping Down, but That Doesn’t Mean Trump Will Get 2 Outright Picks — Unchained
Kyle Baird is DL News’ Weekend Editor. Got a tip? Email at kbaird@dlnews.com.
