The U.S. Senate has confirmed Scott Bessent as Treasury Secretary, marking a significant shift towards crypto-friendly policies under the Trump administration. This appointment reflects growing federal interest in digital asset regulation and innovation.
Pro-Crypto Stance
Bessent has been a vocal supporter of cryptocurrency, viewing it as a symbol of freedom and a permanent part of the global economy. He opposes the introduction of a central bank digital currency (CBDC), stating it is unnecessary for countries with robust investment options.Strategic Role in Digital Assets
As part of his new role, Bessent will join the Presidential Working Group on Digital Asset Markets. This initiative, established by an executive order, will develop a regulatory framework for digital assets and assess the creation of a strategic national digital asset stockpile.Industry Reaction
Key industry leaders welcomed Bessent's confirmation, expressing optimism about the U.S.'s potential to lead in crypto innovation. His appointment aligns with Trump’s economic agenda, which includes tariff reforms and tax cuts.Economic Vision
Bessent supports a 2.5% universal tariff on imports, potentially increasing to 20%. This policy aims to strengthen domestic production while managing inflation through expanded oil production.
Read the full article on
theblock.
