Overview

Scott Bessent was confirmed as the Secretary of the Treasury, and his role will likely involve addressing tax policies related to cryptocurrencies.

Key Points

• Scott Bessent, the hedge fund billionaire appointed by President Donald Trump, received Senate approval with a vote of 68-29 to lead the Treasury Department.
• Although crypto isn’t Bessent’s primary focus, Trump directed the Treasury to prioritize the development of digital asset policies.
• Bessent openly opposed a U.S.-issued digital dollar, aligning himself with industry sentiments on central bank digital currencies during his nomination hearing.

The expectation is that Bessent will guide the Treasury in implementing the President’s directives concerning cryptocurrencies while re-evaluating prior policies established under former President Joe Biden.

Next Steps

His prompt responsibilities include collaborating with a governmental team to outline a strategic approach to crypto regulations and proposing necessary changes to the current financial framework within six months.

The administration aims to expedite tax cut extensions, which may deprioritize crypto measures for the immediate future.

Background

Bessent’s confirmation allows him to consolidate power over the Financial Crimes Enforcement Network, which has previously targeted alleged crypto services engaged in illicit activities.