Scott Bessent, Donald Trump’s pick for Treasury Secretary, will meet Senator Elizabeth Warren later today in a showdown between two people with radically different views on crypto.
Bessent, an outspoken advocate for blockchain, is expected to face a grilling from Warren, one of the top haters of crypto in Washington. The meeting is part of a series of Capitol Hill discussions before his confirmation hearings next month.
Bessent’s Capitol Hill itinerary also reportedly includes meetings with Republican senators Mitch McConnell, Ted Cruz, and James Lankford.
Warren’s war on crypto
Warren has made no secret of her disdain for crypto. She claims it undermines financial systems, enables illicit activities, and allows bad actors to sidestep U.S. sanctions.
Her Anti-Money Laundering Act, which now boasts 21 Senate co-sponsors, is designed to clamp down on the crypto industry with stricter regulations.
Warren has specifically called out crypto’s role in helping Russia evade sanctions following its invasion of Ukraine. “Crypto takes the sting out of sanctions,” she declared.
The Senator frequently targets major figures in banking and finance, and Bessent’s nomination has already drawn her ire. After Trump announced his pick for Treasury Secretary in late November, Warren issued a statement accusing the administration of prioritizing Wall Street over working Americans.
“Wall Street may be breathing a sigh of relief at Scott Bessent’s nomination, but working people see no help coming their way,” she has said.
Bessent’s pro-crypto playbook
Scott Bessent has been vocal about his belief in the transformative power of cryptocurrency. “Crypto is about freedom,” he said, adding that crypto attracts young investors disillusioned with traditional financial systems.
His vision for the Treasury Department includes initiatives like establishing a national Bitcoin reserve and forming a crypto advisory council, which align with Trump’s broader pro-crypto policies.
Before founding his macro hedge fund, Key Square Group, Bessent served as the chief investment officer at Soros Fund Management. He made headlines in the 1990s with a $1 billion profit from shorting the British pound and later with another big win against the Japanese yen in 2013.
At its peak, Key Square managed over $5 billion in assets, cementing Bessent’s reputation as a strategic thinker. He has dismissed the notion that crypto should be defined by its bad actors.
The Wall Street champion has also criticized Democrats for targeting the entire industry instead of addressing specific issues. “The crypto economy is here to stay,” he said.
Given Warren’s influence in the Senate and her high-profile stance against crypto, today’s meeting will likely involve some tough questions about Bessent’s plans for the Treasury and his unapologetic support for blockchain technology.
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