Scott Bessent, a billionaire hedge fund manager, is now the 79th U.S. Treasury Secretary under Trump. Crypto leaders, including Ripple’s Brad Garlinghouse, celebrate his pro-innovation stance, anticipating major policy shifts.
Scott Bessent Confirmed as Treasury Secretary, Signaling Pro-Crypto Shift
Scott Bessent has been confirmed as the 79th U.S. Treasury Secretary under President Donald Trump, following a bipartisan Senate vote of 68-29. A 62-year-old billionaire hedge fund manager and founder of Key Square Group, Bessent is set to manage the nation’s $28 trillion Treasury debt market and oversee fiscal policy, financial regulations, and international sanctions.
Ripple CEO Brad Garlinghouse congratulated Bessent, stating: “Congrats to the newly-confirmed Treasury Secretary Scott Bessent! He’ll be an incredible leader for Americans!” The executive added:
I’m confident he’ll enact common-sense economic policies, working with the Administration and Congress to grow U.S. tech and crypto innovation.
In November 2024, Garlinghouse also expressed strong support for Bessent’s nomination, writing on social media platform X: “I don’t want to get too far ahead of myself but… Scott Bessent is the perfect pick by Donald Trump. He will be the most pro-innovation, pro-crypto Treasury Sec we’ve ever seen.”
Bessent’s confirmation is anticipated to lead to significant changes in cryptocurrency policies, especially following the departure of former Securities and Exchange Commission (SEC) Chair Gary Gensler. Industry leaders expect Bessent to create a clear regulatory framework for digital assets, balancing innovation with regulation.
President Trump has consistently shown support for cryptocurrency, advocating for policies that foster innovation in the tech and crypto sectors. His administration’s pro-crypto stance is further evidenced by the nomination of individuals supportive of digital assets to key regulatory positions. Notably, the SEC has seen a shift towards crypto-friendly leadership. A pro-crypto nominee has been appointed, and Commissioner Hester Peirce, known for her favorable views on digital assets, now leads a specialized task force. Additionally, Acting SEC Chair Mark Uyeda has expressed support for cryptocurrency initiatives, signaling a potential shift in the regulatory landscape.
These developments suggest a more accommodating environment for cryptocurrency innovation in the U.S., with expectations of clearer regulations and increased support for the tech sector.
