Catenaa, Tuesday, January 28, 2025 – The US Senate has confirmed Scott Bessent as Treasury secretary in a 68-29 vote, securing a pivotal role for the pro-crypto advocate in shaping the nation’s economic and regulatory policies. Bessent succeeds Janet Yellen in the position.
Bessent, a billionaire hedge fund manager and vocal supporter of cryptocurrency, has emphasized its role in promoting economic freedom and dismissed the need for a US central bank digital currency. His confirmation follows President Donald Trump’s nomination in November, signaling the administration’s pro-digital assets stance.
As Treasury secretary, Bessent will join the newly-formed “Presidential Working Group on Digital Asset Markets,” which aims to establish a comprehensive regulatory framework for cryptocurrencies, including stablecoins. The group is also tasked with exploring the creation of a strategic national digital asset stockpile.
Ripple CEO Brad Garlinghouse lauded the confirmation, expressing confidence in Bessent’s ability to foster innovation and implement pragmatic policies.
Bessent is also expected to champion Trump’s broader economic agenda, including a universal tariff policy starting at 2.5% on imports, potentially rising to 20%. He has rejected concerns that such measures would drive inflation, advocating instead for expanded oil production to stabilize costs.
The confirmation underscores a turning point in US crypto policy, aligning federal leadership with a growing focus on digital asset integration and innovation in the financial sector.
