Scott Bessent Takes Over as Treasury Secretary, Ushering in Pro-Crypto Policy Era
Scott Bessent, a billionaire hedge fund manager, has officially been sworn in as the 79th U.S. Treasury Secretary under President Donald Trump. His confirmation has sparked optimism in the cryptocurrency and tech industries, with leaders anticipating major regulatory reforms favoring digital assets.
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Pro-Crypto Leadership at the Treasury
Following a decisive bipartisan Senate vote of 68-29, Bessent assumes control over the $28 trillion Treasury debt market, financial regulations, and international fiscal policies. His appointment aligns with the administration’s broader push for innovation-driven economic growth.
Ripple CEO Brad Garlinghouse was among the first to congratulate Bessent, emphasizing his confidence in the new Treasury Secretary’s ability to implement “common-sense economic policies” that will drive growth in both tech and crypto industries. Garlinghouse had previously endorsed Bessent’s nomination in November 2024, calling him “the most pro-innovation, pro-crypto Treasury Secretary we’ve ever seen.”
Anticipated Crypto Regulatory Reforms
Bessent’s leadership is expected to bring clarity to U.S. cryptocurrency regulations, especially in the wake of former SEC Chair Gary Gensler’s departure. Industry experts believe his tenure will focus on fostering digital asset adoption while ensuring balanced oversight.
The Trump administration has consistently demonstrated support for crypto-friendly policies, appointing regulators with pro-innovation views. Notably, the SEC has undergone a shift, with pro-crypto Commissioner Hester Peirce leading a dedicated task force, and Acting Chair Mark Uyeda expressing a commitment to fostering blockchain advancements.
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With Bessent at the helm, the U.S. is poised for a regulatory environment that encourages cryptocurrency innovation, offering clearer guidelines and increased institutional support for the digital economy.
