Trump's Treasury Pick: Bessent Confirmed, Backs Crypto, Slams Central Bank Digital Currency

The U.S. Senate has confirmed Donald Trump's pick for U.S. Treasury Secretary, billionaire hedge fund manager Scott Bessent. In a 68-29 vote on Jan. 27, with 16 Democrats supporting the nomination, Bessent was approved to take on the influential role.

As Treasury Secretary, Bessent will oversee the nation's tax collections and the $28 trillion Treasury debt market. He will also have significant sway over fiscal policy, financial regulations, international sanctions, and overseas investments. Bessent, a 62-year-old Tennessee lawmaker, strongly supports Trump's economic agenda, including the renewal of $4 trillion in expiring tax cuts, the implementation of tariffs, and increased oil production.

During his confirmation hearing, Bessent expressed concerns about government spending, stating that it was "out of control." Notably, Bessent is known for his pro-crypto stance and his opposition to the idea of a central bank digital currency, aligning with President Trump's views. In a Jan. 16 Senate Finance Committee hearing, Bessent said, "I see no reason for the U.S. to have a central bank digital currency." He also mentioned that a central bank digital currency is for countries that have "no other investment alternatives" and are "doing it out of necessity."

In July, Bessent told Fox Business that he has "been excited about the president's embrace of crypto, and I think it fits very well with the Republican Party. Crypto is about freedom, and the crypto economy is here to stay." Under Trump's Jan. 23 crypto executive order, the Treasury will play a role in the governmental working group to develop the strategy for U.S. crypto policy. The working group will also include Trump's AI and crypto czar David Sacks, and the chairs of the Securities and Exchange Commission and the Commodity Futures Trading Commission.