Scott Bessent has emerged as a top candidate for US Treasury Secretary in President-elect Donald Trump’s administration. Bessent is the founder of the renowned global macro investment firm Key Square Group.
His recent comments supporting Bitcoin and other digital assets align with Trump’s ambition to make the United States the “crypto capital of the planet.”
Trump’s Potential Treasury Secretary Supports the Crypto Economy
The selection process for Trump’s cabinet has intensified following his 2024 election victory. According to Fox Business Journalist Eleanor Terrett, Bessent is now among the frontrunners for the Treasury role.
One potential candidate, John Paulson, withdrew his candidacy due to the complexity of his financial holdings. Both Bessent and Paulson have been longstanding allies of Trump, providing financial backing during his campaign.
“I have been excited about the president’s embrace of crypto and I think it fits very well with the Republican Party, crypto is about freedom and the crypto economy is here to stay,” Scott Bessent stated according Terrett’s recent post on X (formerly Twitter).
Bessent’s pro-crypto perspective contrasts sharply with Paulson’s past criticisms. Paulson, a key economic adviser to Trump’s 2016 campaign, has been vocal about his skepticism. He argued in 2021 that cryptocurrencies lack intrinsic value and are far more volatile than traditional markets.
Despite this, Paulson remained a favorite for the Treasury Secretary position until his recent withdrawal. Reports suggested that Paulson was Trump’s primary choice as the Secretary.
Trump has also initiated plans to replace SEC Chair Gary Gensler. As reported by BeInCrypto, the new President-elect’s transition team has been considering three pro-crypto candidates to replace Gensler in January.
This shift in leadership could further bolster the crypto market, which has already reacted positively to Trump’s election win. Bitcoin’s price surged 30% post-election, reaching an all-time high of nearly $90,000.
The rally has also spurred massive inflows into Bitcoin spot ETFs, which saw trading volumes soar to $7.22 billion on November 11. With key appointments on the horizon, the US appears poised to strengthen its position in the global crypto market. The US crypto regulatory environment is liekly to change drastically from the next year.
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