- Ripple CEO and other crypto leaders praised Scott Bessent’s appointment as Treasury Secretary.
- Key appointments highlighted the Trump administration’s commitment to advancing the digital-assets sector.
The U.S. Senate has officially confirmed Scott Bessent as the 79th Treasury Secretary, marking a significant shift in the nation’s financial landscape.
Known for his pro-crypto stance, Bessent’s appointment signals a more progressive approach toward digital assets under the Trump administration.
The confirmation, secured with a decisive 68-29 vote, underscores his strong reputation in the financial world, with Senator Mike Crapo describing him as,
“One of the sharpest minds in global finance.”
Taking over from Janet Yellen, Bessent is expected to play a pivotal role in shaping fiscal policy.
He will oversee the $28 trillion Treasury debt market, and navigating pressing issues such as tax cuts, regulatory reforms, and the evolving framework for digital assets.
Crypto community’s reaction to this news
This decision was widely praised by members of the crypto community. Notably, Ripple CEO Brad Garlinghouse took to X and noted,
Source: Brad Garlinghouse/X
Echoing similar sentiments was Senate majority leader John Thune, who said,
“Scott Bessent brings a wealth of private-sector experience in the economy and markets to his new role, as well as a concern for the needs of working Americans. I am committed to working with Mr. Bessent and the Trump administration to continue to protect American businesses.”
However, not everyone shared the same views, as highlighted by Senator Elizabeth Warren, who declared,
“I just voted NO on Scott Bessent’s Treasury Secretary nomination.”
She further explained, saying,
“A billionaire willing to roll along deregulation poses a threat to the economic well-being of every American, and a billionaire who supports more tax cuts for every single billionaire in America is not someone who is watching out for hard-working families.”
Is this good news for the crypto industry?
The 62-year-old lawmaker from Tennessee and now the Treasury Secretary, has been a staunch advocate of Trump’s economic policies, championing initiatives such as the renewal of $4 trillion in expiring tax cuts, implementation of tariffs, and a boost in oil production as per Reuters.
During his confirmation hearing, Bessent emphasized his concern over federal spending, stating it was “out of control.”
Moreover, he is also a vocal critic of central bank digital currencies (CBDCs), aligning with President Trump in opposing their adoption.
In fact, during a Senate Finance Committee hearing on the 16th of January, he argued that CBDCs are primarily pursued by nations with limited investment options and adopted out of necessity. He said,
“I see no reason for the US to have a central bank digital currency,”
Way forward
The Trump administration has made its stance clear with key appointments such as former PayPal COO David Sacks as the “White House A.I. & Crypto Czar” and Paul Atkins as the prospective U.S. Securities and Exchange Commission (SEC) Chair.
While it remains to be seen how the crypto sector will evolve under Trump’s leadership, these strategic moves signal a promising trajectory for the digital asset industry in the U.S.
