U.S. President-elect Donald Trump has appointed hedge fund manager Scott Bessent, who is known for his advocacy of cryptocurrency, as his choice for Treasury Secretary. If the Senate ratifies his appointment, Bessent will be the next official whose signature appears on U.S. paper currency, bringing a pro-crypto perspective to the post.

Bessent operates Key Square Group, a macro investment firm. Previously, he worked with notable investor George Soros three decades ago and was instrumental in the Soros Fund Management's significant trade that garnered over $1 billion profit from the collapse of the British pound.

Scott Bessent stated, "I have been excited about [Trump's] embrace of crypto and I think it fits very well with the Republican Party, the ethos of it. Crypto is about freedom and the crypto economy is here to stay."

Traders in marketplaces had previously considered him a leading candidate as Treasury Secretary.