Trump Taps Pro-Crypto Hedge Fund Exec Scott Bessent for Treasury Secretary Role

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Jai Pratap

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Jai Pratap

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Jai serves as the Asia Desk Editor for Cryptonews.com, where he leads a diverse team of international reporters. Jai has over five years of experience covering the web3 industry.

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November 22, 2024

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U.S. President-elect Donald Trump has nominated Scott Bessent, a prominent hedge fund manager and vocal cryptocurrency advocate, to serve as the next Secretary of the Treasury. If confirmed by the Senate, Bessent will bring a pro-crypto stance to one of the most influential economic positions in the country.

Bessent, the founder of macro-investment firm Key Square Group, has an illustrious financial career spanning decades. He gained widespread recognition for his role at Soros Fund Management, where he was instrumental in executing the famous 1992 bet against the British pound, yielding a $1 billion profit. Now, his focus has shifted to Bitcoin and the broader digital currency ecosystem, which he views as pivotal to the future of finance.

Scott Bessen Aligns With Trump on Crypto

In a July interview with Fox Business, Bessent lauded Trump’s embrace of cryptocurrency, aligning it with the ethos of the Republican Party. “Crypto is about freedom, and the crypto economy is here to stay,” he stated, emphasizing its role in attracting young and underrepresented participants to financial markets.

Bessent’s advocacy for digital assets aligns with Trump’s proposed initiatives, including creating a strategic Bitcoin Reserve. His nomination signals the administration’s commitment to integrating cryptocurrencies into the U.S. economic framework.

Crypto community reacted positively to Trump’s decision to nominate Bessent for the role of Treasury Secretary. Ripple CEO Brad Gralinghouse posted on X “Scott Bessent is the perfect pick by Donald Trump”. “He will be the most pro-innovation, pro-crypto Treasury Sec we’ve ever seen”, he added.