With his US Senate’s confirmation behind him, Scott Bessent is in place to be the top economic official of President Donald Trump’s administration, where he will be among those who meet the crypto directives already described by the president last week.
Bessent, a billionaire former hedge fund manager, did not give the crypto sector much to chew on during his nomination hearing earlier this month, but he is a well -known digital activation enthusiast. His boss, Trump, has already awarded him somewhere on the team assigned to the federal government for a friendly supervision system.
The Senate voted 68-29 to approve Bessent’s nomination on Monday night, and he will officially join Trump’s cabinet as he swore to permanently replace predecessor Janet Yellen. At the center of Trump’s agenda is the expansion of tax cuts so that the highest priority can push crypto down on the list, though the president included it among his opening salvo for executive orders.
Senator Mike Crapo, an Idaho Republican, chairman of the Senate’s financial committee, called Bessent “one of the sharpest minds of the global financial industry” before Monday’s confirmation and said “his background and training are tailored to this role.”
Trump’s crypto order wants Bessent’s Treasury, taking a role in a state working group – supported by “individual expertise from leaders in digital assets and digital markets” – to hash out the strategy for us cryptopolitics. His department is among those who owe the White House a report of less than two months on how to change existing rules or establish new ones on the Treasury, and the wider group must “recommend regulatory and regulatory proposals” within six months.
He is also responsible for deleting his predecessor’s crypto work, which had been directed by former President Joe Biden.
The order also prohibits work on a US central bank’s digital currency (CBDC), which had never come out over the tire-park stage in the United States, despite the enthusiastic adoption and testing of other jurisdictions, including China.
As nominated, the ex-manager for the Key Square Group Senators told in his confirmation hearing that he saw “no reason” to pursue the idea of a domestic CBDC, which further evaluated himself to crypto-insiders who have been nervous that the government might is pursuing a digital dollar. But he was not asked about cryptop policies.
Still, Bessent is not foreign to digital assets. He had saved hundreds of thousands of dollars of his personal fortune to a Bitcoin (BTC) Exchange-Traded Fund (ETF), as noticed in his long financial information. These assets were liquidated when he received Trump’s nomination.
At the Treasury, Bessent is also commander of his financial crime network, which had pursued crypto services with enforcement actions and decision -making, especially involving so -called mixing services seeking to give users anonymity by mixing their transactions to make it difficult to track them. Treasury’s Financial-Love arm had focused on digital assets as a popular means of transaction in trafficking and exploitation of children.
Bessent’s department also administers US financial sanctions, which historically have given the federal government range to overseas activity, such as when the targeted mixer Tornado cash with sanctions recently overturned by the federal court.
Read on: Trump Issuing Krypto -Order to pave us digital assets path
