For the second time, US President Donald Trump’s crypto supporter candidate Scott Bessent became the 79th Treasury Minister of the United States. In the vote in the US Senate, Scott Bessent received 68 “yes” votes against 29 “No”. “I am very pleased to nominate Scott Bessent to serve as the 79th Treasury Minister of the United States, Tr Trump said in a statement from his social media platform Truth Social.
Who is Scott Bessent?
Scott Bessent lives with his wife John Freeman, his wife John Freeman, in his hometown South Karolina.
Bessent, who was a Yale graduate, initially wanted to be a journalist, but when Yale Daily News could not take the task of the editor of Daily News, he changed direction. In an interview with the University of the University, Bessent said that he arranged an internship at Jim Rogers, the first partner of George Soros and the founding partner of Quantum Fund.
BESSENT is the CEO of the New York -based Hedge Fund Key Square Capital Management and chief investment manager. He also taught about the history of economic explosions and collapse and hedge funds in the 20th century at Yale University.
President Trump has chosen Hedge fund billionaist Scott Bessent, a former manager in Soros Fund Management for the US Treasury Department, which has explicitly supports the policies of the former president, from tariffs to spending cuts in recent years.
Providing economic consultancy to the Trump campaign, Bessent has a career in the financial sector for decades. He analyzed macroeconomic and geopolitical risks while working on Soros Fund and other hedge funds, where he served as chief investment manager.
What are the political and economic views of Bessent?
Trump’s crypto law will require Bessent to take part in a government working group supported by the “Individual Expertise from leaders in digital assets and digital markets to determine the strategy for the US Treasury Ministry of Treasury Ministry of Treasury.
He will also be responsible for erasing crypto work managed by former President Joe Biden.
Scott Bessent is not foreign to digital assets. Hundreds of thousands of dollars of his personal reserve had invested a Bitcoin (BTC) stock market investment fund (ETF). When Trump received his candidacy, these beings were liquidated.
In the Treasury, Bessent also holds the command of the Network of the Financial Crimes Application Network which follows crypto services with actions and rules. In particular, it contains so -called mixing services that aim to provide anonymity by combining them by combining the operations of users. The Treasury’s financial crimes focused on digital assets as a popular transaction tool in human trafficking and child abuse.
Crypto Policies under the leadership of Scott Bessent
Scott Bessent does not make a statement about crypto monetary policies during the nomination hearing, but his experience shows that he is familiar with digital money. After the financial statements are nominated, it shows that it invests more than $ 500,000 in Bitcoin ETFs.
Under the last executive order, President Trump gave the Ministry of Treasury the task of developing a strategy for digital assets. BESSENT will lead the Ministry’s contribution to the work group that should make regulatory and legal proposals within six months.
Ripple CEO Brad Garlinghouse, X, “I congratulate the newly approved Treasury Minister Scott Bessent! He will be a great leader for the Americans. ” He expressed his satisfaction with the appointment. Garlinghouse had previously mentioned Bessent as innovation and crypto pro -crypto, which might mean that the new Treasury president can look at innovation positively in the financial sector.
https://twitter.com/bgarlinghouse/status/188403131393159149
No domestic CBDC development under the management of Scott BESENT
The position of the current management in the country is consistent with Scott Bessent’s point of view. Scott Bessent said he did not see any reason for the FED to be involved in creating a local CBDC at a recently recently confirmation hearing.
This movement comes at a time when other countries, like China, put forward their own CBDCs. In line with the preference for the development of digital finance by the private sector, the executive order of the administration stops more working on the US digital dollar.
Bessent’s approach was welcomed by the crypto industry enthusiasts who expressed their doubts about digital currencies controlled by the government. For this reason, the leadership is compatible with the international financial system, while the US will define the input of the Treasury in the formulation of the crypto currency regulation.
Supervision of financial crimes and implementation of sanctions
As Scott Bessent Treasury Minister, he will also be responsible for the financial crimes implementation Network (Fincen), which is interested in the fight against the crime in financial systems. He pays particular attention to the use of crypto currencies for criminal activities such as finish human trafficking and money laundering.
For this reason, under the leadership of Bessent, the department will focus on the regulation of crypto currency mixers, which make the transactions uncertain. It was found that such services were used by the authorities to hide illegal activities.
The Ministry of Treasury will also continue to control the US financial sanctions, including those applied to foreign companies engaged in digital assets. Such measures will continue to increase national security and also support the development of the crypto industry.
