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"Bessent Confirmed as Treasury Secretary: A New Era for U.S. Crypto Policy"

Coin WorldTuesday, Jan 28, 2025 5:52 am ET

1min read

In a significant shift in U.S. crypto policy, the Senate has confirmed Scott Bessent as the new Treasury Secretary, replacing Janet Yellen. Bessent, a former hedge fund manager, was approved in a bipartisan vote of 68 to 29, signaling a change in leadership at one of the nation's most powerful financial institutions. As Treasury Secretary, Bessent will oversee the nation's $28 trillion Treasury debt market, tax collections, and international sanctions, as well as shape policies affecting the cryptocurrency industry and broader financial markets.

During his confirmation hearing, Bessent addressed several key issues facing the U.S. economy, expressing concern about government spending and aligning his economic priorities with the Trump administration's agenda, including the renewal of $4 trillion in expiring tax cuts and increased domestic oil production. Bessent's stance on cryptocurrency has drawn particular attention from the digital asset community. Before his nomination, he had invested over $500,000 in Bitcoin ETFs, which he later sold to avoid potential conflicts of interest. This personal investment history suggests familiarity with digital assets, though he didn't discuss specific cryptocurrency policies during the nomination hearing.

The new Treasury Secretary's appointment comes as the administration has issued recent executive orders regarding digital assets. As part of these initiatives, Bessent will lead the Treasury Department's contribution to a working group tasked with developing regulatory and legislative recommendations within six months. Ripple CEO Brad Garlinghouse welcomed the appointment on social media platform X, expressing confidence in Bessent's ability to work with Congress and the administration to advance U.S. technology and cryptocurrency innovation. Garlinghouse described Bessent as pro-innovation and pro-crypto, suggesting potential support for development in the financial technology sector.

One of the most notable aspects of Bessent's position is his stance on Central Bank Digital Currencies (CBDCs). During his Senate Finance Committee hearing on January 16, he stated clearly that he sees "no reason for the US to have a central bank digital currency." This view aligns with the current administration's decision to halt CBDC development in the United States.

In a July interview with Fox Business, Bessent expressed enthusiasm about the president's approach to cryptocurrency, stating that "crypto is about freedom, and the crypto economy is here to stay." He noted that this perspective fits well with Republican Party values.

The Treasury Department

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