Catenaa, Monday, November 25, 2024-President-elect Donald Trump has nominated Scott Bessent, a veteran hedge fund manager and crypto advocate, to serve as Treasury Secretary, his campaign announced Friday.
Bessent, who previously served as chief investment officer at Soros Fund Management and founded Key Square Capital Management, has been a vocal supporter of cryptocurrency.
He praised Trump’s embrace of crypto during the campaign, describing it as a tool for economic freedom and innovation.
The announcement comes as Trump assembles a crypto-friendly Cabinet, with figures such as Robert F. Kennedy Jr. for Health and Human Services and bitcoin advocate Howard Lutnick reportedly tapped for Commerce.
Trump’s plans also include the establishment of a Department of Government Efficiency, co-led by Elon Musk and Vivek Ramaswamy, to overhaul federal bureaucracy.
Bessent’s nomination highlights Trump’s pivot to pro-crypto policies. He has previously consulted Coinbase CEO Brian Armstrong on appointments and engaged the crypto community in campaign discussions.
Bessent’s confirmation however, will require Senate approval, where his financial expertise and crypto stance are expected to be scrutinized amidst ongoing regulatory debates in Washington.
