Scott Bessent, Billionaire Hedge Fund Manager, Confirmed as New US Treasury Secretary

Scott Bessent, a billionaire hedge fund manager known for his support of cryptocurrency and his opposition to a central bank digital currency (CBDC), has been confirmed

Billionaire hedge fund manager Scott Bessent has been confirmed by the U.S. Senate to serve as the new Treasury Secretary, replacing Janet Yellen. Bessent, who is known for his support of cryptocurrency and opposition to a central bank digital currency (CBDC), will now oversee critical aspects of the U.S. economy.

Following a Jan. 27 vote, the Senate confirmed President Donald Trump's nominee by a margin of 68-29. Notably, 16 Democrats joined Republicans in expressing their support for Bessent.

As Treasury Secretary, Bessent will be responsible for managing tax collections, the $28 trillion Treasury debt market, financial regulations, and international sanctions. Furthermore, he will play a crucial role in shaping fiscal policy and overseeing investments overseas.

Among his key responsibilities will be contributing to the “Presidential Working Group on Digital Asset Markets,” which was established pursuant to a recent executive order issued by President Trump. This group will develop strategies for regulating digital assets such as cryptocurrencies and stablecoins, and it will also explore the possibility of creating a national digital asset reserve.

Bessent has consistently voiced his support for cryptocurrency. During his Senate confirmation hearing, he referred to crypto as a symbol of freedom and highlighted the enduring presence of the crypto economy. Conversely, he has expressed opposition to the development of a U.S. CBDC, calling it unnecessary and unsuitable for the country. According to Bessent, such currencies are more appropriate for nations with limited investment alternatives.

Bessent closely aligns himself with President Trump's economic agenda, which includes extending $4 trillion in tax cuts, implementing tariffs, and increasing oil production. He has dismissed concerns that these policies will lead to higher inflation, emphasizing efforts to control government spending and boost domestic energy production.

Under Bessent's leadership, the Treasury will play a central role in putting the regulatory framework for digital assets in place. His stance on fostering innovation in the crypto sector has been welcomed by industry leaders.

In response to Bessent's confirmation, Ripple CEO Brad Garlinghouse offered his congratulations and expressed confidence that the new Treasury Secretary would enact “common-sense economic policies” to promote U.S. technological and crypto innovation.

Bessent will oversee the Financial Crimes Enforcement Network (FinCEN), which monitors financial crimes such as money laundering and human trafficking. He is expected to address concerns about cryptocurrency mixers, which are often used to obscure transactions. The Treasury will also continue enforcing sanctions on foreign entities using digital assets for illicit purposes, aiming to balance national security with support for the crypto industry.