The Senate Chooses A Pro-crypto To Lead The U.S. Treasury

The U.S. Senate confirmed, on January 27, the appointment of Scott Bessent, a hedge fund manager and fervent advocate for cryptocurrencies, to the strategic position of Secretary of the Treasury. This choice, supported by Donald Trump, marks a potential turning point in the economic and crypto policy of the United States.

Scott Bessent takes over from Janet Yellen as Secretary of the U.S. Treasury

On January 27, 2025, the U.S. Senate confirmed Scott Bessent as Secretary of the Treasury, succeeding Janet Yellen. This appointment reflects the pro-crypto strategy of the Trump administration.

Influential figures, such as Brad Garlinghouse, CEO of Ripple, welcomed this choice, expressing their confidence in Bessent to boost technological and crypto innovation in the United States.

In this position, Bessent will oversee the colossal debt market of $28 trillion and will play a central role in fiscal policy and financial regulation. His statements during the confirmation hearings confirmed his support for the development of cryptos, thereby reinforcing expectations for a favorable regulatory framework.

This appointment is part of a broader dynamic. Indeed, the Trump administration has recently strengthened its commitment to cryptos, notably with a decree from January 23 that assigns the Treasury a key role in a task force responsible for defining a national strategy on crypto policy.

A strong pro-crypto vision

During his hearing before the Senate Finance Committee, Bessent clearly laid out his position on the crucial issues facing the sector. The new secretary, aged 62, notably expressed his opposition to the development of a U.S. central bank digital currency (CBDC), aligning his position with that of President Trump.

“I see no reason for the United States to have a central bank digital currency,” he declared on January 16, adding that CBDCs were more suited for countries lacking investment alternatives. This position reflects his liberal vision of the crypto market, which he sees as “synonymous with freedom.”

In an interview with Fox Business in July, Bessent had already expressed his enthusiasm for crypto adoption, emphasizing their alignment with Republican Party values and their sustainability in the modern economy.

In summary, the new Secretary of the Treasury thus joins a government task force dedicated to cryptocurrencies, alongside David Sacks, responsible for artificial intelligence and cryptos, as well as the chairs of the SEC and CFTC. This configuration suggests a significant evolution in crypto regulation in the United States, potentially more favorable to innovation and the development of the sector.