Scott Bessent, billionaire hedge fund manager and longtime supporter of Donald Trump’s economic policies, is now officially the U.S. Treasury Secretary. The Senate confirmed Bessent with a 68-29 vote, including backing from 16 Democrats. His influence will extend over Fiscal policy, financial regulations, and even international sanctions, making him one of the most powerful figures shaping the U.S. economy.
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Bessent Opposes CBDCs and Backs Crypto Innovation
Bessent has made his stance on digital currencies clear—he doesn’t see a need for a U.S. central bank digital currency (CBDC). “I see no reason for the U.S. to have a central bank digital currency,” he stated during a Senate Finance Committee hearing on Jan. 16. Ripple (XRP-USD) CEO Brad Garlinghouse congratulated him on X, expressing confidence that Bessent will promote policies that drive U.S. crypto innovation.
Treasury Joins Trump’s Crypto Task Force
Under Trump’s Jan. 23 executive order, Bessent’s Treasury Department will play a key role in shaping U.S. crypto policy. He joins Trump’s AI and crypto czar David Sacks and financial regulators in a newly formed working group, setting the stage for what could be a major shift in the government’s approach to cryptocurrency.
As the U.S. government becomes increasingly more crypto-friendly, it is more important than ever for investors to monitor the market and track their favorite cryptocurrencies on TipRanks to stay ahead of the curve as the crypto landscape changes. Click on the image below to find out more.
