The U.S. Senate confirmed billionaire hedge fund manager Scott Bessent as Treasury Secretary with a 68-29 vote on January 27, according to Reuters.
Notably, 16 Democrats sided with Republicans to support the nomination, representing a significant victory for President Donald Trump’s administration.
Bessent, a 62-year-old from Tennessee, is a staunch supporter of Trump’s economic policies, including the renewal of $4 trillion in expiring tax cuts, the imposition of tariffs, and the expansion of domestic oil production. During his confirmation hearing, Bessent expressed concerns over government spending, calling it “out of control,” and dismissed fears that Trump’s fiscal policies would trigger inflation.
In his new role, Bessent will oversee critical aspects of U.S. fiscal policy, including tax collections, the $28 trillion Treasury debt market, financial regulations, and international economic measures. His confirmation sparked interest in cryptocurrency due to his outspoken pro-crypto stance.
Ripple CEO Brad Garlinghouse congratulated Bessent on social media platform X, expressing confidence in his ability to foster growth in U.S. technology and cryptocurrency innovation. Bessent has been vocal about his opposition to a central bank digital currency (CBDC), calling it unnecessary for the United States. During a January 16 Senate Finance Committee hearing, he argued that CBDCs are more suited to nations with limited investment alternatives, referring to them as a measure taken “out of necessity.”
In a 2024 interview with Fox Business, Bessent praised Trump’s support for cryptocurrency, describing it as aligned with the Republican Party’s values of freedom and innovation. He added, “Crypto is about freedom, and the crypto economy is here to stay.”
Meanwhile, Texas moved closer to solidifying its leadership in the digital economy. Senator Charles Schwertner introduced Senate Bill 778 (SB 778), which proposed the creation of a Strategic Bitcoin Reserve. If passed, Texas would become the first U.S. state to adopt such an initiative, allowing the state to acquire and hold Bitcoin as an economic asset.
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