Donald Trump Picks Scott Bessent, a Crypto Advocate, as His New Treasury Secretary

Bessent, a veteran hedge fund manager and trusted Trump adviser, has backed the president-elect's vision for digital assets.

Donald Trump’s pick for treasury secretary is a supporter of cryptocurrencies, envisioning their role in a national Bitcoin reserve and a presidential advisory council.

Scott Bessent, a veteran hedge fund manager and close adviser to Trump, has voiced support for the president-elect’s vision for digital assets.

This vision includes a national Bitcoin reserve and a crypto presidential advisory council. Speaking in a July interview, Bessent praised Trump’s pro-crypto stance while criticizing the Democrats' approach to the industry.

“They’re willing to take on the whole industry because of the bad behavior of one actor,” Bessent said, referring to the fallout from Sam Bankman-Fried’s donations to Democratic causes.

“Crypto is about freedom, and the crypto economy is here to stay,” he added.

Highlighting Bitcoin’s appeal to younger investors and those who became disillusioned with traditional markets after the 2008 financial crisis, he said:

“Having a market culture in the US where people believe in a system that works for them is the centerpiece of capitalism.”

Bessent, who is known for his Wall Street strategy and has earned Trump’s trust with his support for policies like tax cuts and deregulation, was previously cautious about cryptocurrency.

However, his recent remarks align with Trump’s efforts to make the US a global leader in the crypto space.

If confirmed, Bessent will oversee major economic issues like extending Trump-era tax cuts and managing federal debt, while also shaping crypto’s role in national policy.