In another favorable news for the crypto world, Donald Trump has nominated pro-crypto Scott Bessent to head the US Treasury Department, one of the most powerful positions in the government, which has broad authority over international finance, tax policy, public debt, and sanctions.
With many in the industry expressing their optimism over this, one of the most important reactions came from Brad Garlinghouse. Brad Garlinghouse, CEO of Ripple, commented on the appointment saying “It’s a perfect pick.”
Scott Likely To Take Over One of The Most Important Positions in The USA
As the head of the US Treasury Department, one of the most powerful positions in the government, Scott Bessent will oversee international finance, tax policy, public debt, and sanctions.
With significant sway over the vast American economy and financial markets, the position is among the most influential in Washington.
As the president-elect begins to assemble the administration for his second term in the White House, the decision to choose Bessent is the most recent.
Bessent is a Wall Street financier with a reasonably traditional background who was an early supporter of Trump’s 2024 campaign and was formerly employed by George Soros.
The 62-year-old’s nomination Friday night marked the beginning of a string of cabinet announcements and White House appointments that will nearly finish Trump’s top staff before his January return to the White House.
What Will Scott Take Care Of?
One of the primary concerns and debates surrounding the Treasury position in economics will be handling Trump’s well-known and frequently made pledges to implement a policy of tough new US tariffs in international trade, which many other nations around the world fear.
Being the 79th Treasury Secretary, Bessent would effectively be the top US economic official in charge of maintaining the infrastructure of the biggest economy in the world, from tax collection and bill payment to managing the $28.6 trillion Treasury debt market and supervising financial regulation, which includes managing and averting market crises.
What is in For Crypto With Bessent’s Nomination?
Bessent’s nomination is likely a positive signal for the entire crypto community given that the top positions in the upcoming US government will be held by those who are confidants of the sector.
The nomination may mark changes in US policy toward digital assets as well. Trump alluded to the creation of a strategic Bitcoin reserve in his July keynote address at the Bitcoin 2024 Conference, something that can happen with the pro-crypto nomination.