Senate Confirms Trump’s Treasury Pick
The U.S. Senate has confirmed billionaire hedge fund manager Scott Bessent, former President Donald Trump’s nominee, as the next Treasury Secretary. The confirmation vote, held on January 27, passed with a 68–29 majority, including support from 16 Democrats.
Ripple CEO Brad Garlinghouse congratulated Bessent on social media platform X, expressing optimism about his ability to promote practical economic policies. Garlinghouse highlighted Bessent’s potential to collaborate effectively with the administration and Congress to advance U.S. technological and cryptocurrency innovation.
As Treasury Secretary, Bessent will play a key role in managing the nation’s tax system, overseeing the $28 trillion Treasury debt market, and shaping fiscal policies. His responsibilities will also extend to financial regulations, international sanctions, and foreign investment strategies.
Bessent, a 62-year-old from Tennessee, is a staunch supporter of Trump’s economic policies, including the renewal of $4 trillion in expiring tax cuts, the imposition of tariffs, and increased domestic oil production. He has dismissed concerns that these policies could lead to inflation, according to Reuters. During his confirmation hearing, Bessent criticized the government’s spending levels, describing them as “out of control.”
An advocate for cryptocurrency, Bessent has voiced skepticism about the need for a U.S. central bank digital currency (CBDC), aligning with Trump’s stance. “There’s no justification for the United States to adopt a central bank digital currency,” he stated during a Senate Finance Committee hearing on January 16. He argued that such currencies are typically pursued by countries with limited investment alternatives or out of necessity.
In a July interview with Fox Business, Bessent praised Trump’s support for cryptocurrency, noting its alignment with Republican values. “Crypto represents freedom, and the crypto economy is here to stay,” he remarked.
Under Trump’s January 23 executive order on cryptocurrency, the Treasury will play a pivotal role in a governmental working group tasked with shaping the country’s crypto strategy. This group will also include Trump’s AI and crypto advisor, David Sacks, along with the chairs of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
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