Senate Confirms Scott Bessent as US Treasury Secretary, A Strong Advocate for Crypto

The US Senate has officially confirmed Scott Bessent, a billionaire hedge fund manager and staunch proponent of cryptocurrency, as the next US Treasury Secretary. The confirmation vote on January 27 was decisive, with a 68-29 outcome, including 16 Democratic senators supporting his nomination.

Bessent, a longtime ally of former President Donald Trump, will now oversee the nation’s fiscal policy, financial regulations, international sanctions, and overseas investments, wielding significant influence over the US economy. As Treasury Secretary, he will have direct oversight of tax collections and the management of the nation’s $28 trillion Treasury debt market.

A Crypto-Friendly Appointment

Bessent’s confirmation comes as a win for the crypto industry. Known for his pro-crypto stance, Bessent has long been an advocate for blockchain innovation and digital currencies. His appointment has been met with optimism from major figures in the crypto space, including Ripple CEO Brad Garlinghouse, who congratulated Bessent on social media, expressing confidence in his ability to push forward policies that support the growth of US tech and crypto innovation.

During his confirmation hearing, Bessent reiterated his opposition to central bank digital currencies (CBDCs), a stance that aligns with former President Trump’s views on the matter. Bessent argued that the US does not need a CBDC, stating it is more suited for countries lacking other investment alternatives. "I see no reason for the US to have a central bank digital currency," Bessent remarked in a January 16 Senate Finance Committee hearing.

Economic Policies and Vision

Bessent’s economic views mirror Trump’s broader agenda, including support for extending $4 trillion in expiring tax cuts, implementing tariffs, and boosting domestic oil production. He has also voiced concerns over government spending, describing it as "out of control" during his confirmation process.

Despite potential concerns about inflationary policies, Bessent has pushed back, aligning with Trump’s economic philosophy of reducing regulatory burdens and promoting fiscal conservatism. His focus on limiting government spending and fostering market freedom reflects a broader commitment to economic policies that favor private sector growth.

A Strong Advocate for Crypto’s Future

Bessent’s crypto advocacy has been a consistent theme throughout his career. He has expressed excitement about the embrace of cryptocurrency by the Republican Party, highlighting how it aligns with core values of freedom and innovation. “Crypto is about freedom, and the crypto economy is here to stay,” he told Fox Business in July, signaling his belief in the long-term potential of digital assets.

As part of the Trump administration’s ongoing efforts to shape US crypto policy, Bessent will play a key role in a government working group tasked with developing a strategy for the future of cryptocurrency in the US. This initiative stems from Trump’s January 23 executive order, which assigned the Treasury Department a leading role in coordinating US crypto policy. The working group will also include key figures such as Trump’s AI and crypto czar, David Sacks, along with the heads of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

Looking Ahead

Scott Bessent’s confirmation as Treasury Secretary marks a pivotal moment for both US economic policy and the cryptocurrency industry. His pro-crypto stance, combined with his commitment to fiscal conservatism and regulatory reform, positions him as a key figure in shaping the future of digital currencies and financial innovation in the United States. As he begins his tenure, Bessent is expected to drive forward policies that prioritize economic growth, freedom, and the advancement of blockchain technologies.

With the crypto industry closely watching his next steps, Bessent’s leadership at the Treasury could help shape a more crypto-friendly regulatory environment that fosters innovation and investment in the years to come.