Trump Selects Scott Bessent, ‘Most Pro-Crypto Treasury Secretary,’ But Who Is He?

President-elect Donald Trump has announced his choice for Treasury Secretary in the form of Scott Bessent, renowned in the crypto space for championing the industry.

An avid fan of blockchain and digital assets, Bessent was described on Friday as the “most pro-innovation, pro-crypto Treasurer we’ve ever seen” by Ripple CEO Brad Garlinghouse.

Bessent’s main claim to fame is serving as investment director for billionaire George Soros and founder of Key Square Capital Management. He has invested in a multitude of blockchain startups and DeFi initiatives, usually supporting the industry.

Earlier this year, Bessent told Fox Business: “Crypto is about freedom and the crypto economy is here to stay. Crypto attracts young people, people who have not participated in the markets.

He has also been a strong supporter of Trump’s attitude towards crypto. “I’ve been excited about (Trump’s) embrace of crypto, and I think it fits very well with the Republican Party,” Bessent said.

“Crypto is about freedom. The crypto economy is here to stay, Democrats are running from it because they are trying to wipe out the stink of Sam Bankman-Fried and his family’s donations to the Democratic Party.”

Bessent’s stance stands in stark contrast to current Treasury Secretary Janet Yellen’s focus on crypto risk and crypto industry executives expect him to create a clear regulatory framework for the assets digital.

However, critics warn that while its hedge fund background may favor institutional players, retail investors and smaller blockchain companies may not see the same benefits. Comprehensive changes to crypto regulations also require approval.

His call for “smart regulation” was nevertheless welcomed by the industry and his mandate could usher in a new era of crypto policy.

Still ready to take the oath of office, Trump is already paving the way for an administration favorable to cryptocurrencies. Howard Lutnick, CEO of Cantor Fitzgerald, is expected to be named Commerce Secretary. Lutnick has increasingly become a notable figure in the crypto industry through his leadership in diversifying Cantor Fitzgerald’s investments and technology projects.

Although renowned for its financial services in traditional markets, Lutnick has spearheaded efforts to embrace blockchain and cryptocurrency innovations.

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Additionally, Ripple, Kraken and Circle have expressed interest in Trump’s proposed crypto advisory board.

“Upon taking office, I will immediately appoint a Presidential Advisory Council on Bitcoin and Crypto,” Trump said in July.

“Their task will be to design transparent regulatory guidance for the benefit of the entire sector, and they will achieve it in 100 days. We will have regulations, but from now on the rules will be written by people who love your sector .I don’t hate your industry.

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But perhaps the most exciting administrative shakeup ahead of Trump’s presidency is the official resignation of U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler, scheduled for January 20, 2025.

In making the announcement about »

Gensler officially announces his resignation from the SEC, Crypto rejoices

Gary Gensler will leave the SEC on January 20, 2025, in accordance with Trump’s inauguration.