President-elect Donald Trump has nominated hedge fund manager and crypto enthusiast Scott Bessent for the Treasury Secretary position. The two met at Trump’s Mar-a-Lago resort last Friday, though sources say the conversation was not an official interview for the Treasury position.
Trump posted on his platform, Truth Social, “Scott is widely respected as one of the World’s foremost International Investors and Geopolitical and Economic Strategists.” He added that Bessent would back his policies and agenda and help propel “US Competitiveness and stop unfair Trade imbalances”.
In a recent CNBC interview, Bessent clarified that while they hadn’t discussed job opportunities, he was ready to assist Trump in whatever capacity he needed. If the Senate approves of Bessent, he will take over from former Fed chief Janet Yellen.
Scott Bessent is Trump’s pick for Treasury Secretary
Scott Bessent, former CIO at Soros Management and Key Square Hedge Fund Manager, is Trump’s new pick for Treasury Secretary.
Bessent pulled through the competitive selection process, beating candidates like private equity billionaire Marc Rowan, Cantor Fitzgerald CEO Howard Lutnick, the current nominee for commerce secretary, and Kevin Warsh, a former member of the Federal Reserve’s Board of Governors.
According to Trump, Bessent supports the America First Agenda and will help actualize his economic policies. He even called him “one of the top analysts on Wall Street” and “a nice-looking guy, too.”
However, not everyone in Trump’s administration was rooting for Bessent’s appointment. Elon Musk had openly disapproved of the candidate, writing on X that he would be a “business-as-usual choice.” He believed Lutnick would do a better job instituting the necessary changes. He added, “Business-as-usual is driving America bankrupt, so we need to change one way or another.”
Bessent supports crypto and Trump’s proposed tax cuts
If the Senate approves his appointment, Bessent will be very vocal about his support for digital assets, hinting at better crypto policies for the crypto community. In a July Fox Business Interview, Bessent even said that the crypto economy is here to stay and that crypto is all about freedom.
Moreover, in a Wall Street editorial on November 10, Bessent claimed that Trump’s plan to reduce taxes for the American people and institute less strict business regulation would fuel the country’s economic growth. He argued that Trump’s policies would help “restart the American growth engine, reducing inflationary pressures, and addressing the debt burden from four years of reckless spending.”
Bessent also advocated for bank regulatory changes, calling for more efforts to preserve the U.S. Dollar, revisions to the Inflation Reduction Act, a revival of U.S. energy investment, and establishing “free and fair” trade, a clear reference to the tariffs endorsed by Trump.
Bessent has even advised Trump to appoint another Federal Reserve chairman next year, a year before Fed chief Jerome Powell’s term expires.
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