Trump Taps Pro-Crypto Hedge Fund Manager Scott Bessent as Treasury Secretary Nominee
With a history of bold financial bets and a passion for digital assets, Bessent’s appointment signals the incoming administration’s commitment to embracing the crypto economy.
Because Bitcoin
November 23, 2024
According to CoinDesk, U.S. President-elect Donald Trump has chosen Scott Bessent, a hedge fund manager and cryptocurrency advocate, as his nominee for Treasury Secretary. If confirmed by the Senate, Bessent would bring a pro-crypto perspective to one of the most powerful financial positions in the country, becoming the next person to sign U.S. currency while supporting the digital economy.
Bessent leads Key Square Group, a macro investing firm, and is known for his time working under George Soros. He played a key role in Soros Fund Management’s infamous bet against the British pound in 1992, which resulted in over $1 billion in profits. Now, his attention has turned to Bitcoin and the broader crypto market.
Bessent praised Trump’s openness to crypto, aligning it with Republican values of freedom and innovation. “Crypto is about freedom, and the crypto economy is here to stay,” he said. “It’s also attracting young people and new participants to markets.”
Bessent’s nomination adds to the growing list of crypto-savvy figures in Trump’s administration. While Bessent is set to lead the Treasury, Cantor Fitzgerald CEO Howard Lutnick, another digital asset advocate, was picked for Commerce Secretary. Lutnick has been involved with stablecoin issuer Tether, helping manage the U.S. Treasuries that back its USDT token since 2021.
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