The crypto industry is poised for a significant boost as Scott Bessent, a prominent crypto advocate and billionaire hedge fund manager, has been confirmed as the new United States Treasury Secretary.
Bessent, nominated by President Donald Trump, secured a decisive 68-29 Senate vote, with notable bipartisan support from 16 Democrats.
The newly appointed Treasury Secretary will be pivotal in managing the nation’s finances. He will oversee tax collections and the $28 trillion Treasury debt market. Additionally, he will significantly influence fiscal policies, financial regulations, international sanctions, and overseas investments.
Bessent’s appointment marks a substantial shift in the administration’s economic strategy, particularly concerning taxes and cryptocurrency regulations.
Crypto Community Welcomes Bessent’s Appointment
The crypto community is buzzing with excitement as Bessent, a vocal crypto supporter, becomes the new US Treasury Secretary. His appointment has been welcomed with open arms, thanks to his outspoken advocacy for cryptocurrency and alignment with President Trump’s views on the digital asset.
Bessent’s stance on central bank digital currencies (CBDCs) has resonated with the crypto community. During his confirmation hearing, he clarified that he opposes CBDCs and considers them unnecessary for the United States.
Among the crypto enthusiasts celebrating Bessent’s appointment is Ripple CEO Brad Garlinghouse. He even took to his X account to praise Bessent’s appointment, expressing confidence that he will promote US tech and crypto innovation through common-sense economic policies.
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
A Brighter Future for Crypto?
Even before his appointment, Garlinghouse expressed his optimism on X, tweeting that President Trump and his team, including Scott Bessent, would “make crypto great again.”
In a significant development, U.S. Senator Cynthia Lummis, another prominent advocate for cryptocurrency, met with Scott Bessent after he was nominated as the Treasury Secretary to discuss the potential implementation of a national Bitcoin reserve strategy.
Fast forward to the last week of January 2025, and President Donald Trump took a significant step in promoting the development and use of digital assets, blockchain technology, and related innovations by issuing an executive order to foster their growth across all sectors of the American economy.
