Cryptocurrency advocate Scott Bessant officially becomes new US Treasury Secretary

The US Senate has approved Scott Bessent's candidacy for the post of US Treasury Secretary. This is reported by CNBC.

The decision was made with a significant majority of votes — 68 to 29. He will replace Janet Yellen in this position. Colleagues have already congratulated him on his appointment.

In particular, US Senator Katie Britt stated the following:

«I look forward to working with Secretary Bessant to fuel the next golden era of American prosperity by passing tax reform that is focused on growth and family support, empowering small businesses and entrepreneurs. President Trump and Secretary Bessant know that America’s comeback will be led by Main Streets in every corner of our country, and I look forward to partnering in that mission».

Ripple Labs CEO Brad Garlinghouse, for his part, expressed hope that Bessant will follow a common sense course and support the cryptosphere.

The new Treasury Secretary has previously spoken out in support of the industry on several occasions. He also said that he sees no objective reasons for the introduction of a central bank digital currency (CBDC) in the United States, which is one of the main narratives of Republicans.

Bessent shares the protectionist policies of US President Donald Trump, the Financial Times reports. In particular, he supported the idea of ​​introducing tariffs on some imported goods.

On January 26, 2025, the head of state said that they could be up to 25%.

As the new head of the US Treasury, Bessent will join the crypto-assets working group created by Trump's decree on January 23. It will formulate recommendations for regulating the industry, as well as assess the prospects for creating a strategic reserve for cryptocurrencies.

Bessent is a billionaire and the founder of the venture fund Key Square Group, which controls assets worth more than $700 million. Before the Senate vote, he pledged to reduce some of his investments and close his firm.