Scott Bessent confirmed as U.S. Secretary of the Treasury, supports D.O.G.E initiative and cryptocurrency
On January 27, the U.S. Senate confirmed Scott Bessent, a billionaire hedge fund manager and cryptocurrency advocate, as Secretary of the Treasury with 68 votes in favor and 29 against. He is a key ally of President Donald Trump in implementing economic reforms, including tax cuts, deregulation, and promoting cryptocurrency-friendly policies.
Bessent is committed to supporting the controversial initiative of the Trump administration: the Department of Government Efficiency (D.O.G.E) led by Elon Musk, aimed at cutting one-third of the federal budget by 2026. In the hearing, he called D.O.G.E "necessary" for the economic strategy. However, this initiative has faced criticism from many lawmakers and the public, including JPMorgan CEO Jamie Dimon, due to concerns about jobs and negative impacts on civil servants.
Senator Elizabeth Warren questioned Bessent about his stance on cryptocurrency, particularly regarding stablecoin regulation and anti-money laundering. In response, Bessent reaffirmed his belief in the potential of cryptocurrency, emphasizing: “Cryptocurrency is about freedom and empowering people to control their finances."
Bessent's appointment marks a significant step in U.S. cryptocurrency policy under the Trump administration