Scott Bessent Confirmed as Treasury Secretary, Focus on Taxes Before Crypto
Scott Bessent has been confirmed as the top financial official in President Trump's administration, with a focus on overseeing crypto directives. Key points include:
- The Senate approved Bessent's nomination with a vote of 68-29.
- Bessent is tasked with leading a working group to develop U.S. crypto policy, aiming for regulatory recommendations within six months.
- Trump's executive order bans the development of a central bank digital currency (CBDC).
- Bessent previously supported digital assets and liquidated holdings in a bitcoin ETF due to his nomination.
- He will direct the Financial Crimes Enforcement Network, focusing on enforcement actions related to crypto transactions.
- Bessent's responsibilities include managing U.S. financial sanctions affecting overseas activities involving crypto.
Bessent's experience in digital assets positions him as a significant figure in shaping future U.S. crypto regulations.