Bessent to Divest Bitcoin ETF Holdings Ahead of Treasury Secretary Confirmation
Billionaire hedge fund manager Scott Bessent, nominated for Treasury Secretary by President-elect Donald Trump, plans to divest several assets, including investments in bitcoin exchange-traded funds (ETFs), to prevent conflicts of interest. Key points include:
- Bessent's financial disclosures show assets exceeding $700 million.
- His BTC ETF holdings are valued between $250,000 and $500,000.
- Other potential conflicts include a margin loan over $50 million with Goldman Sachs and trading accounts related to China's currency.
- Bessent has committed to avoiding any conflicts if confirmed.
- If confirmed, he will manage federal debt amidst Trump's tax cut proposals.
- Bessent supports tax reform and deregulation to enhance bank lending and energy production.
In October, he indicated the new administration would favor a strong dollar policy.