New U.S. Treasury Secretary is Good News for Crypto

In a move set to reshape the U.S. Treasury's direction, billionaire investor and cryptocurrency advocate Scott Bessent has been confirmed as the new Treasury Secretary.

Approved by a 68-29 Senate vote on Monday, Bessent will take the reins from Janet Yellen, with his nomination marking a clear shift in priorities under the Trump administration.

Bessent’s appointment brings a pro-crypto perspective to the Treasury Department. Known for his belief that cryptocurrencies represent financial freedom, he has also been outspoken in his opposition to central bank digital currencies (CBDCs), which he argues are unnecessary for a nation with diverse investment opportunities. His vision aligns with broader efforts to integrate digital assets into the U.S. economy.

One of his first responsibilities will be to join the “Presidential Working Group on Digital Asset Markets,” a newly formed body tasked with crafting federal regulations for cryptocurrencies and exploring the establishment of a national digital asset reserve. The group, created under a recent executive order by Donald Trump, reflects the administration’s commitment to solidifying the U.S.’s leadership in the crypto sector.

Bessent’s appointment also signals support for Trump’s economic agenda, which prioritizes tax cuts and trade tariffs. Sources suggest Bessent is preparing to implement a universal tariff starting at 2.5%, potentially climbing to 20%, as part of a broader effort to boost domestic industries and manage inflation. He has dismissed concerns that these policies could worsen inflation, emphasizing the administration’s plans to expand oil production as a stabilizing factor.