Scott Bessent has been confirmed as the new Treasury secretary, the U.S. Senate voted 68-29 to approve the nomination on Monday. Bessent, a billionaire hedge fund manager and a vocal cryptocurrency backer, will replace Janet Yellen as the most powerful person at the U.S. Treasury. His confirmation could signal a change in the Treasury’s approach to digital assets and economic policy.
Appointed by former President Donald Trump last November, Bessent has garnered headlines due to his optimistic view of the crypto space. He has also previously called cryptocurrencies a “symbol of freedom” and said the crypto economy is “here to stay.”
But Bessent has been a vocal critic of a central bank digital currency (CBDC), stating there is “no reason” the U.S. should adopt one. “A central bank digital currency is for countries with no other investment options,” he said in a previous statement.
In his new role, Bessent will sit on a “Presidential Working Group on Digital Asset Markets” that was created by an executive order signed last week by Trump. The group wants to build a federal regulatory framework for digital assets, including stablecoins, and assess the possible creation of a “strategic national digital assets stockpile.”
One of the first to offer congratulations to Bessent was Ripple CEO Brad Garlinghouse, who took to X to share his optimism over the crypto veteran’s leadership. “Congrats to newly confirmed Treasury Secretary Scott Bessent,” Garlinghouse wrote. “I’m confident he will implement common-sense economic policies to unleash U.S. tech and crypto innovation alongside the Administration and Congress.”
Outside digital assets, Bessent is likely to be a vigorous proponent of Trump’s economic agenda, including tax cuts and the imposition of heavy tariffs. Bessent favors a 2.5% universal tax on imports to the United States that could rise as high as 20%, Reuters reports. The policy aims to spur domestic production and decrease dependence on foreign goods, according to the Financial Times.
Bessent has dismissed fears that these actions are inflationary, claiming that the administration’s bid to bolster oil production will stabilize prices. But as the Treasury Department settles under new leadership, all eyes will be on Bessent to see how his policies impact the nation’s economic landscape, especially as they relate to the rapidly changing world of digital assets.
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