Billionaire hedge fund manager Scott Bessent, President-elect Donald Trump’s nominee for Treasury secretary, plans to divest several assets, including investing in bitcoin (BTC) exchange-traded funds (ETF), to avoid potential conflicts of interest with his new role. according to a report from The New York Times.
On Saturday, Bessent, who once worked for billionaire liberal philanthropist George Soros, filed the ethics agreement and financial disclosures required for his impending Senate confirmation, revealing assets and investments worth more than $700 million. The inventory includes BTC ETF holdings worth $250,000 to $500,000, according to media reports.
The other key investments that pose a potential conflict of interest include a more than $50 million margin loan with Goldman Sachs, an account trading China’s currency and a stake in conservative publisher All Seasons.
In a letter to the ethics office, Bessent pledged to “avoid any actual or apparent conflict of interest in the event that I am confirmed for the position of Secretary of the Treasury.”
If confirmed, pro-crypto Bessent will face the challenging task of managing the growing federal debt amid Trump’s plans to extend expiring tax cuts and eliminate taxes on social benefits.
Bessent is an advocate of tax reform and deregulation, especially to increase bank lending and energy production. Last October, Bessent said the new Trump administration would likely pursue a strong dollar, consistent with decades of Washington policy.
