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Senator Elizabeth Warren brought the heat ahead of Treasury Secretary nominee Scott Bessent’s confirmation hearing scheduled for Thursday. The Massachusetts senator sent Bessent a scathing 31-page letter packed with questions demanding clarity on his plans for crypto oversight, financial deregulation, and tax policy. Bessent, a hedge fund veteran with no government experience, has drawn sharp criticism for his Wall Street ties. 🚨NEW: @SenWarren’s 31-page letter to Treasury Secretary nominee Scott Bessent previews a number of crypto-related questions she plans to ask during his confirmation before the Senate Finance Committee on Thursday. Questions include whether he thinks the Treasury’s sanctions arm… pic.twitter.com/b4OyGW4tOy — Eleanor Terrett (@EleanorTerrett) January 13, 2025 Warren wasted no time outlining her doubts, questioning whether he has the chops to handle the sprawling responsibilities of Treasury Secretary — ranging from managing public debt to overseeing sanctions, tax policy, and combating money laundering. Warren demands clarity Crypto regulation sat squarely at the top of Warren’s list of concerns. She asked if Bessent believed the Treasury’s sanctions division, the Office of Foreign Assets Control (OFAC), should have jurisdiction over stablecoins. Warren pushed Bessent on whether OFAC should have tools to shut down crypto firms that pose risks to the US financial system. She pointed to the lack of a strong regulatory framework as a major threat. “Do you think the Treasury should step in and address these gaps?” she wrote, pressing Bessent on how he’d manage potential abuse of stablecoins for money laundering or sanctions evasion. Her skepticism wasn’t just at crypto companies. Warren took a swipe at fintech and other unregulated sectors, asking whether Bessent had concrete plans to mitigate risks posed by emerging financial technologies. “This isn’t a sandbox; it’s a system that hardworking Americans rely on,” she said. The weight of deregulation Warren’s questions went beyond crypto.…

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Filed under: News - @ January 13, 2025 10:22 pm