Billionaire Crypto Advocate Scott Bessent Confirmed as U.S. Treasury Secretary

Scott Bessent, a prominent cryptocurrency advocate and billionaire hedge fund manager, has been confirmed as the new U.S. Treasury Secretary by the Senate. Bessent, who has previously expressed strong support for the crypto industry, is expected to bring a pro-crypto perspective to the role.

Bessent's confirmation comes as the crypto industry faces increasing scrutiny and regulation from governments around the world. As Treasury Secretary, Bessent will play a key role in shaping U.S. policy towards cryptocurrencies and digital assets. He has previously opposed the idea of a U.S. central bank digital currency, instead advocating for a more supportive regulatory environment for the crypto industry.

Bessent will also join the "Presidential Working Group on Digital Asset Markets," which is tasked with creating a federal framework for regulating digital assets and exploring a national digital assets stockpile. This group is expected to play a crucial role in shaping the future of the crypto industry in the U.S.

Ripple CEO Brad Garlinghouse congratulated Bessent on his confirmation, expressing confidence in his ability to promote innovation in crypto and technology. Garlinghouse praised Bessent's understanding of the crypto industry and his commitment to supporting its growth and development.

As Treasury Secretary, Bessent is expected to align with Trump's economic policies, which include tariff reforms and tax cuts. However, his pro-crypto stance may also lead to a more supportive regulatory environment for the crypto industry, which could have significant implications for the future of digital assets in the U.S.