Scott Bessent Confirmed as US Treasury Secretary with Pro-Crypto Stance
Scott Bessent has been confirmed as the new US Treasury Secretary by the Senate, receiving 68 votes in favor and 29 against. His appointment is seen positively within the crypto industry due to his supportive stance on digital assets.
Bessent will succeed Janet Yellen and is expected to develop fiscal policies that promote economic growth without hindering the crypto sector. He will lead efforts to create a strategy for digital assets, with a committee set to provide recommendations in six months.
Key points include:
- Trump administration's focus on tax cuts and financial deregulation
- Bessent's investment of over $500,000 in Bitcoin ETFs
- Support from notable figures like Ripple CEO Brad Garlinghouse
- Administration's move to halt Central Bank Digital Currency (CBDC) development
- Anticipation of regulations aligning with international standards
Bessent’s extensive experience in finance is expected to benefit the Treasury's approach to crypto regulation.