Billionaire hedge fund manager Scott Bescent is currently Trump’s 79th U.S. Treasury Secretary. Crypto leaders, including Ripple’s Brad Garlinghouse, celebrate his pro-stakes and anticipate major policy changes.
Scott Bescent has been confirmed as Secretary of the Treasury, signaling a shift in custody
Scott Bescent has been confirmed as the 79th Secretary of Treasury under President Donald Trump, following a bipartisan Senate vote of 68-29. Bessent, a 62-year-old billionaire hedge fund manager and founder of Key Square Group, will manage the US $28 trillion financial debt market and oversee fiscal policy, financial regulations and international sanctions. .
Ripple CEO Brad Garlinghouse congratulated Bessent, saying: He’ll be an incredible leader for Americans! “Executive added:
I am confident that he will implement general economic policies and work with the administration and Congress to grow innovation in US technology and crypto.
In November 2024, Garlinghouse also expressed strong support for Bessent’s nominations, writing for social media platform X. He will become the most pro-promoted prime minister of the Holy Corps, the most pro-financed ministry. “
The confirmation of Bessent is expected to lead to significant changes in cryptocurrency policy, particularly after the departure of former Securities and Exchange Commission Chairman Gary Gensler. Industry leaders hope that Bescent will create a clear regulatory framework for digital assets and balance innovation and regulation.
President Trump has consistently demonstrated support for cryptocurrency and advocates policies that promote innovation in the technological and crypto sectors. His pro-government stance in his administration is further demonstrated by the appointment of individuals who support digital assets in key regulatory positions. In particular, the SEC has seen a shift towards crypto-friendly leadership. Commissioner Hester Perth, known for her favourable views on digital assets, has been appointed to Procrypt’s candidate and is currently leading a specialized task force. Additionally, Sec Chair Mark Uyeda’s representative has expressed support for cryptocurrency initiatives, indicating potential changes in the regulatory environment.
These developments suggest a kinder environment for US cryptocurrency innovation, in the hopes of clearer regulations and increased support for the high-tech sector.
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