Scott Bessent Confirmed as US Treasury Secretary, Set to Steer Financial Policy – CryptoMode
It’s been a good couple of days on the US regulatory front. Granted, the recent crash, which the market attributes to DeepSeek, has wiped out some traders but most of crypto is in a recovery rally.
Meanwhile, the US Senate has confirmed Scott Bessent as US Treasury Secretary. The billionaire hedge fund manager was Donald Trump’s pick among a whole host of pro-crypto nominees for crypto-related jobs.
Related: CoinShares: Crypto ETPs Record $1.9B In Inflows Following Trump’s Executive Order
Bessent’s New Role
As the newly appointed head of the treasury, Bessent will influence tax collections, manage the $28 trillion Treasury debt market, and play a key role in fiscal policy, financial regulations, sanctions, and international investments.
At 62, he advocates for Trump’s economic strategies, including $4 trillion in tax cuts, tariffs, increased oil production, and downplays worries about inflation.
Ripple CEO Brad Garlinghouse congratulated Bessent on the confirmation, saying he will be an “incredible leader for Americans”.
“Congrats to the newly-confirmed Treasury Secretary Scott Bessent! I’m confident he’ll enact common-sense economic policies, working with the Administration and Congress to grow US tech and crypto innovation.”
US Treasury Post to Be Followed by Pro-Crypto SEC, CFTC Chairs
In November, the Ripple CEO said Bessent would be an excellent pick for the treasury job and a boost to innovation. And of course, the best possible US Treasury Secretary crypto could ask for.
During his confirmation, Bessent had called government spending “out of control”. Bessent, well-known for his pro-crypto stance, opposes the creation of a central bank digital currency (CBDC), arguing it’s unnecessary for the US and typically a move made by countries lacking investment alternatives.
This means there are now several pro-crypto leaders in high offices – with changes in the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) still underway.
Both the CFTC and the SEC are currently awaiting confirmation of new appointees, with their acting chairs – Commissioner Caroline D. Pham of the CFTC and SEC Commissioner Mark Uyeda – also on the record for being critical of the “regulation by enforcement approach” of the past.
Read more: Alchemy Pay Gets AUSTRAC Approval to Provide Fiat-To-Crypto Payments In Australia
