The U.S. Senate officially confirmed Scott Bessent as Treasury Secretary, marking a significant leadership shift under President Donald Trump. Known for his pro-crypto stance, Bessent’s appointment signals a critical juncture for digital assets and broader financial policies during the Trump administration.
Senate Approval: Bessent Becomes New Treasury Secretary
Scott Bessent, with his billionaire background and previous hedge fund management experience, secured the Senate vote with a 68-29 majority. Bessent will take over from current Treasury Secretary and former Federal Reserve Chair Janet Yellen, managing the country’s fiscal policies.
Crypto Policies Under Bessent’s Leadership
During the confirmation process, Senate Finance Committee Chairman Mike Crapo described Bessent as “one of the brightest minds in global finance.” His appointment coincides with the Trump administration’s support for tax cuts and financial deregulation policies.
Mike Crapo: “Bessent possesses deep knowledge and experience in the financial sector.”
Immediately following his appointment, Bessent will also take on Trump’s directive to develop strategies for digital assets. The Treasury will contribute to a working group tasked with formulating regulatory and legislative proposals.
No Domestic CBDC Development
The Trump administration’s decision to halt the development of a Central Bank Digital Currency (CBDC) aligns with Bessent’s views. During his recent Senate confirmation hearing, Bessent expressed that the Fed should not play a role in creating a domestic CBDC.
Oversight of Financial Crimes and Sanctions
As the new Treasury Secretary, Bessent will oversee units combating financial crimes, including the Financial Crimes Enforcement Network (FinCEN). FinCEN will intensify efforts to prevent the use of cryptocurrencies in human trafficking and money laundering.
Brad Garlinghouse: “New Secretary Scott Bessent will be a great leader for Americans.”
Under Bessent’s leadership, the Treasury will focus on regulating cryptocurrency mixers while continuing to support the growth of the crypto industry alongside enhancing national security.
