Donald Trump, President-elect of the United States, has nominated Scott Bessent to serve as Secretary of the Treasury in his administration. The decision has created excitement in the emerging industry due to Bessent’s pro-cryptocurrency reputation.
Bessent and Cantor Fitzgerald CEO Howard Lutnick are considered potential candidates for the position. However, Lutnick was nominated to be Secretary of Commerce.
Cryptocurrency Industry Welcomes Scott Bessent’s Nomination for Secretary of the Treasury
In a November 22 announcement on Truth Social, Trump praised Bessent as the ideal candidate to support his administration’s economic goals. The president asserted that Bessent will play a key role in strengthening the U.S. economy, promoting innovation and maintaining the dollar’s status as the global reserve currency.
“Scott will support my policies that promote American competitiveness, prevent unfair trade imbalances, and create an economy that prioritizes growth, especially through unity. our coming global energy policy,” Trump adds.
Wall Street veteran Bessent, founder of international macro investment firm Key Square Group, brings a wealth of experience to the role. He used to be the investment director of famous investor George Soros.
Although President Trump’s announcement did not directly mention cryptocurrencies, many in the digital asset space see Bessent’s appointment as a positive sign. In previous statements, Bessent has described cryptocurrency as a symbol of financial freedom. He also called Bitcoin an alternative investment for youthful investors dissatisfied with the traditional financial system.
“I’m excited by the president’s embrace of crypto and I think it aligns very well with the Republican Party, crypto is about freedom in the crypto economy is here to stay, ” Bessent stated.
His pro-crypto stance has led many to believe that his leadership could promote a more balanced approach to digital asset management. This would contrast with the heavy-handed tactics of the outgoing administration, such as controversial sanctions on decentralized platforms like Tornado Cash.
Indeed, leaders in the cryptocurrency industry responded enthusiastically to Bessent’s nomination. Brad Garlinghouse, CEO of Ripple, praise Bessent’s nomination, calling it a victory for innovation. He noted that Bessent’s leadership could mark a turning point for crypto-friendly policies in Washington.
Similarly, Kristin Smith, CEO of the Blockchain Association, emphasized the importance of Bessent working with Congress to establish clear rules, ensure fair tax policies, and protect the right to self-custody of assets. digital.
“Critical to this nomination will be working with Congress on a regulatory framework for digital assets that protects self-custodianship, promotes clear tax treatment for digital assets , and work closely with industry experts to protect our nation’s security,” said Smith.