Trump’s U.S. Treasury Secretary Bessent Approved, Likely Tackling Taxes Before Crypto
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With his U.S. Senate confirmation behind him, Scott Bessent is in place to be the top financial official of President Donald Trump’s administration, where he’ll be among those fulfilling the crypto directives already set out by the president last week. Bessent, a billionaire former hedge fund manager, didn’t give the crypto sector much to chew on during his nomination hearing earlier this month, but he’s a known digital assets enthusiast. His boss, Trump, has already assigned him a spot on the team assigned to marshal the federal government toward a friendly system of oversight. The Senate voted 68-29 to approve Bessent’s nomination Monday evening, and he’ll officially join Trump’s cabinet when he’s sworn in to permanently replace predecessor Janet Yellen. At the center of Trump’s agenda is the extension of tax cuts, so that top priority may shove crypto down the list, though the president did include it among his opening salvo of executive orders. Senator Mike Crapo, an Idaho Republican who chairs the Senate Financial Committee, called Bessent “one of the sharpest minds in the global finance industry” before the Monday confirmation, saying “his background and training are tailor-made for this role.” Trump’s crypto order will have Bessent’s Treasury taking a role on a governmental working group — backed by “individual expertise from leaders in digital assets and digital markets” — to hash out the strategy for U.S. crypto policy. His department is among those who’ll owe the White House a report in less than two months on how to modify existing regulations or establish new ones at the Treasury, and the wider group must “recommend regulatory and legislative proposals” within six months. He’ll also be responsible for erasing his predecessor’s crypto work that had been directed by former President Joe Biden. The order also bans work on a…
Filed under: News - @ January 28, 2025 12:18 am