The U.S. Senate has confirmed Scott Bessent, a billionaire hedge fund manager and Trump’s nominee, as the next U.S. Treasury Secretary. The vote on January 27, 2025, concluded with 68 senators supporting Bessent and 29 opposed, including 16 Democrats who crossed party lines to endorse his nomination.

Ripple CEO Brad Garlinghouse congratulated Bessent on his confirmation, expressing confidence in his ability to promote U.S. technology and cryptocurrency innovation.

Bessent’s Responsibilities as Treasury Secretary

As Treasury Secretary, Bessent will manage crucial areas such as tax collection, the $28 trillion Treasury debt market, financial regulations, fiscal policy, international sanctions, and foreign investments. Recognized for his pro-Trump and pro-crypto stance, he aims to reintroduce $4 trillion in expired tax cuts and enhance domestic oil production.

Bessent is also known for opposing central bank digital currencies (CBDCs), aligning with Trump’s skepticism about them. At a Senate finance committee hearing on January 16, 2025, he stated, “The U.S. has no need for a central bank digital currency.”

His enthusiasm for cryptocurrency was evident when he remarked last July, “Crypto represents freedom, and the crypto economy is here to stay.”

Bessent will implement Trump’s January 23 crypto executive order, which established a working group that includes David Sacks, the chairs of the SEC and CFTC, to craft the nation’s crypto strategy. Last month, Trump appointed crypto supporter Paul Atkins as the next SEC Chair, aiming for a regulatory environment more favorable to digital assets.

Conclusion

Bessent’s confirmation and the appointment of crypto-friendly figures signal a potential shift toward a more accommodating legislative framework for the digital currency industry, moving away from the stringent regulations imposed during the Biden administration.