With his confirmation from the American Senate behind him, Scott Bessent is in place to be the first financial official of the administration of President Donald Trump, where he will be among those who fill the Crypto directives already presented by the president last week.
Bessent, a former billionaire healing fund manager, has not given much the cryptography sector to chew during his audience on appointment earlier this month, but he is passionate about known digital assets. His boss, Trump, has already given him a place in the team assigned to control of the federal government to a friendly surveillance system.
The Senate voted 68-29 to approve the appointment of Bessent on Monday evening, and he will officially join Trump’s cabinet when he swore to definitively replace the predecessor Janet Yellen. In the center of Trump’s agenda is the extension of tax reductions, so that the absolute priority can push crypto on the list, although the president included it among his salvo to open decrees.
Senator Mike Crappo, a republican of Idaho who chairs the Senate financial committee, called Bessent “one of the most sharp minds in world finance industry” before Monday confirmation, saying that “its history And his training are tailor -made for this role “.
Trump’s Crypto’s order will be that Bessent’s Treasury will play a role in a government working group – supported by “individual expertise in digital asset leaders and digital markets” – to chop the strategy for the cryptography policy American. His department is one of those who will owe to the White House a report in less than two months on how to modify existing regulations or establish news in the Treasury, and the group in general must “recommend regulatory and legislative proposals” within six months.
He will also be responsible for erasing the crypto work of his predecessor who had been led by former president Joe Biden.
The order also prohibits the work on a digital currency of the American central bank (CBDC), which had never progressed beyond the kick phase in the United States, despite the adoption and the enthusiastic tests by Other jurisdictions, including China.
As a candidate, the former leader of the Square Key group told senators at his confirmation hearing that he saw “no reason” to continue the idea of a domestic CBDC, attacking more initiates Cryptographic that has been nervous, the government could continue a digital dollar. But he was not asked about cryptographic policies.
However, Bessent is no stranger to digital assets. He had hidden hundreds of thousands of dollars of his personal wealth in a Bitcoin fund (BTC) negotiated on the stock market (ETF), as indicated in his long financial disclosure. These assets were liquidated when he received the appointment of Trump.
In the Treasury, Bessent is also at the helm of its financial crimes execution network which had continued crypto services with application measures and a regulations. The arm of financial crimes of the Treasury had focused on digital assets as a popular transaction in the trafficking in human beings and the exploitation of children.
The department of Bessent also manages the American financial sanctions, which historically gave the federal government within the reach of activities abroad, as when it has targeted tornado treasures with recently canceled sanctions before the Federal Court .
Read more: Trump makes a crypto decree to open the way to digital assets
