Trump’s favored Treasury Secretary candidate has made supportive comments about crypto.
The next US Treasury Secretary could be pro-crypto as a leading candidate for this role in President-elect Donald Trump’s administration, Scott Bessent, has made statements supporting the industry.
Fox Business Eleanor Terrett mentioned on X on November 11, “Trump’s leading pick for Treasury Secretary — billionaire hedge fund investor Scott Bessent — is very pro-crypto, particularly pro-Bitcoin.” Terrett’s post revolves around the premise that Bessent has made favorable statements about crypto and Bitcoin.
One of those statements involves him praising Trump’s pro-crypto stance. The President-elect has promised Americans that he will be the crypto president and make the country the crypto capital of the planet. Bessent said, “I have been excited about the president’s embrace of crypto and I think it fits very well with the Republican Party, crypto is about freedom and the crypto economy is here to stay.”
He has gone beyond just mentioning crypto—Bessent has a highly optimistic view about Bitcoin and its adoption in the US. Regarding the largest cryptocurrency by market cap, he said:
“I think everything is on the table with Bitcoin. One of the most exciting things about Bitcoin is that it brings in young people and those who have not participated in markets before. Cultivating a market culture in the US, where people believe in a system that works for them, is the centerpiece of capitalism.”
Bessent’s Contender to the Position Drops Out
Trump is in the process of choosing a Cabinet as he will head back to the White House on January 20, 2025. Reuters reported that Bessent had meetings with him in his Mar-a-Lago estate in Florida, with sources telling the news agency that said meetings were “very positive.”
As the Treasury Secretary position holds great power over US affairs in relation to the economy and regulations, many are waiting to see who Trump’s pick would be. Bessent faced competition from John Paulson, who many media reports said was another leading candidate for the role. However, Reuters reported on November 12 that he is dropping out of the contest, making it nearly certain that Bessent will become the next Treasury Secretary.
Many in the crypto community worried because Paulson had been negative about crypto, unlike the likely contender. However, that should no longer be a worry. With Trump heading into his term kicking off, his election victory is shaping up to be very interesting for the crypto industry.
