Donald Trump Taps Crypto-Friendly Scott Bessent as Treasury Secretary

• Trump nominated Scott Bessent, a billionaire investor. to lead the Treasury. 
• Bessent is a vocal supporter of digital assets. 
• The nominee emerged as a top economic advisor in Trump’s campaign team. 

U.S. President-elect Donald Trump has nominated Scott Bessent as the next Secretary of the Treasury, offering the hedge fund manager and pro-crypto advocate an opportunity to lead his economic agenda.  

Bessent, a Wall Street Veteran and Trump’s campaign ally, founded and runs the hedge fund Key Square Group. The former George Soros protégé emerged as an early backer of Trump’s 2024 U.S. presidential election bid and brought a relatively conventional resume to the new administration’s preeminent economic post. 

Trump’s Pick for Treasury Secretary 

In a Truth Social post, Trump announced Bessent’s nomination on Friday evening after mainstream media outlets covered reports about the move. 

“I am pleased to nominate Scott Bessent to serve as the 79th Secretary of the Treasury of the United States. Scott is widely respected as one of the world’s foremost international investors and geopolitical and economic strategists. Scott’s story is that of the American dream,” Trump wrote. 

The President-elect praised Bessent as a “strong advocate” of the America First agenda, noting that he would help the Republican administration usher in a new “golden age” for the U.S. and fortify the country’s position as a leading economic center and capital destination. 

If the Senate confirms his nomination, Bessent would become the first Treasury Secretary in history to openly champion cryptocurrency, indicating Trump’s determination to establish the U.S. as the world’s crypto capital. 

Bessent said in a July Fox Business interview that he was excited about Trump’s embrace of crypto, adding that the idea of digital assets fitted “very well” with the Republican party. The Treasury Secretary nominee further heralded the potential of crypto to bring young people into a new digital market. 

Another crypto-friendly appointee to the Trump cabinet is Cantor Fitzgerald CEO Howard Lutnick, whom the President-elect nominated earlier this week to serve as the new administration’s Commerce Secretary. 

Lutnick, who also vied for the powerful Treasury Secretary role, has helped Tether manage the giant stockpile of U.S. Treasuries that back its USDT stablecoin since 2021. The bond market mogul announced his Bitcoin funding business, with $2 billion of initial funding, at the Bitcoin Conference 2024 in July. 

Stay updated on the Blockchain’s association letter to Trump:
Blockchain Association Outlines Crypto “Must-Dos” for Trump Administration 

Read about the crypto industry’s “huge victory” against the SEC:
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