U.S. Senate Approves Scott Bessent as New Treasury Secretary With Crypto Focus

The U.S. Senate has confirmed Scott Bessent as the new Treasury Secretary, succeeding Janet Yellen. The confirmation came through a Senate vote on Monday, where Bessent received 68 votes in favor and 29 against. His nomination was put forth by President Donald Trump last November.

Bessent, a billionaire hedge fund manager, is known for his pro-cryptocurrency stance and has previously expressed his belief that digital assets represent a form of financial freedom.

He has previously stated that the crypto economy is “here to stay” and has voiced opposition to the issuance of a central bank digital currency (CBDC), arguing that such measures are unnecessary for the United States. “In my mind, a central bank digital currency is for countries who have no other investment alternatives,” he remarked .

As Treasury Secretary, Bessent is expected to play a significant role in shaping the regulatory framework for digital assets. He will be part of the newly established "Presidential Working Group on Digital Asset Markets," which aims to develop federal regulations concerning digital currencies, including stablecoins. This working group was reportedly created under an executive order signed by Trump last week.

In addition to his focus on crypto, Bessent is a strong proponent of Trump’s economic policies, which include tax cuts and increased tariffs. Reports indicate that he may implement a universal tariff of 2.5% on U.S. imports, with plans for gradual increases that could reach as high as 20%.

Supporters of Bessent's nomination, including Ripple CEO Brad Garlinghouse, have expressed confidence in his ability to foster growth in the tech and crypto sectors. However, Bessent's approach to economic policy will be closely scrutinized as he assumes his new role.