Pro-Crypto Scott Bessent Is Confirmed As US Treasury Secretary

The US Senate has confirmed the billionaire hedge fund manager Scott Bessent as the new US Treasury Secretary.

The Senate approved Bessent’s confirmation by a vote of 68 to 29 on Monday, 16 Democrats supporting his nomination. 

Brad Garlinghouse, Ripple CEO, congratulated Bessent on X, expressing confidence that he would implement practical economic policies and collaborate with the Trump administration and Congress “to grow US tech and crypto innovation.”

Congrats to the newly-confirmed Treasury Secretary Scott Bessent! He'll be an incredible leader for Americans!

I'm confident he'll enact common-sense economic policies, working with the Administration and Congress to grow US tech and crypto innovation.

— Brad Garlinghouse (@bgarlinghouse) January 28, 2025

The main responsibility of the Treasury Secretary is to oversee the nation’s tax collections and its $28 trillion Treasury debt market. Bessent will also be responsible for fiscal policy, financial regulations, international sanctions, and overseas investments.

The 62-year-old Tennessee lawmaker is a strong advocate for Trump’s economic agenda. Bessent supports the renewal of $4 trillion in expiring tax cuts, tariff implementation, and increased oil production. He also stated that Trump’s policies would not lead to inflation, according to Reuters.

In his confirmation hearing, Bessent described government spending as “out of control.”

Scott Bessent: Pro-Crypto Stance And Support For Trump’s Agenda

Recognized for his pro-crypto stance, Bessent opposes the idea of a central bank digital currency.

“I see no reason for the US to have a central bank digital currency,” he said in a January 16 Senate Finance Committee hearing, adding that such currencies are for countries with “no other investment alternatives.”

Under Trump’s January 23 crypto executive order, the Treasury will be part of a government working group that helps shape strategy for US crypto policy.

Trump’s AI and crypto czar, David Sacks, along with the chairs of the SEC and CFTC, will also be part of the working group. They will help shape US crypto policy under the executive order.

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