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

Coin WorldMonday, Jan 27, 2025 9:36 pm ET

1min read

Scott Bessent, the 62-year-old founder of global macro investment firm KeySquareGroup and former Chief Investment Officer at Soros Fund Management, has been officially confirmed as the U.S. Treasury Secretary. With 68 votes in favor and 29 against, the Senate confirmed Trump's nomination, marking a significant shift in U.S. cryptocurrency policy.

Bessent's appointment is expected to have a profound impact on the U.S. cryptocurrency landscape. As a strong supporter of cryptocurrency, he has publicly stated his belief in its crucial role in financial freedom and innovation. In an interview, he mentioned, "Cryptocurrency is about freedom, and the crypto economy will continue to exist." His career and public statements suggest that he will be a driving force behind the formulation of crypto policies in the U.S.

Bessent's confirmation comes at a time when the crypto market is experiencing significant developments. DeepSeek, a prominent player in the crypto space, recently dumped a substantial amount of Bitcoin, causing a stir in the market. Meanwhile, the "Penguin Chain" abstract is set to be launched, offering new opportunities for participation in the crypto ecosystem.

The appointment of Scott Bessent as the U.S. Treasury Secretary signals a potential shift in the U.S. government's stance on cryptocurrency. As a known advocate for cryptocurrency, Bessent's influence could lead to more favorable policies for the crypto industry. However, the extent of his impact remains to be seen, and the market will continue to monitor his actions and decisions closely.

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