In a rare moment of bipartisan support, the US Senate has confirmed Donald Trump’s pick and pro-crypto billionaire Scott Bessent for US Treasury secretary.
Bipartisan Vote Appoints New Treasury Secretary
In a significant move for the Trump administration and the cryptocurrency world, the US Senate confirmed billionaire hedge fund manager Scott Bessent as the new US Treasury Secretary on January 27th. The vote was 68 to 29, with bipartisan support including 16 Democrats. Bessent, known for his pro-crypto stance and vehement opposition to a central bank digital currency (CBDC), succeeds Janet Yellen and will play a pivotal role in shaping the nation’s economic policies.
Bessent’s Background and Role
Nominated by President Trump last November, Bessent brings extensive experience as a hedge fund manager to the Treasury Department. He has been vocal about his belief in the transformative power of cryptocurrencies, stating that they represent freedom and that the crypto economy is here to stay. As the 79th Treasury Secretary, he will oversee a vast array of responsibilities, including tax collection, management of the $28 trillion Treasury debt market, fiscal policy, financial regulations, international sanctions, and foreign investments.
Economic Agenda and Challenges
The 62-year-old Tennessee lawmaker is expected to be a strong advocate for Trump’s economic agenda, which focuses on tax cuts and tariffs. During his confirmation hearing, Bessent cautioned that failing to renew expiring tax cuts would harm middle-class Americans and argued that tariffs would address unfair trade practices and boost US leverage in international negotiations.
One of the immediate challenges Bessent faces is managing federal cash flows after the government reached its debt limit. He assured senators that there would be no default under his watch. Additionally, he will need to navigate the complexities of the cryptocurrency market and develop a regulatory framework for digital assets, including stablecoins.
Pro-Crypto Stance and Opposition to CBDC
Bessent’s pro-crypto stance is a notable departure from previous Treasury Secretaries. He has consistently expressed his skepticism towards a central bank digital currency, stating that there is no reason for the US to have one and that countries pursuing CBDCs are doing so out of necessity. As Treasury Secretary, he is expected to participate in the “Presidential Working Group on Digital Asset Markets,” which aims to create a federal regulatory framework for digital assets and evaluate the creation of a strategic national digital assets stockpile.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: https://cryptodaily.co.uk/2025/01/senate-vote-confirms-pro-crypto-billionaire-scott-bessent-as-treasury-secretary