Scott Bessent, a robust advocate for crypto, significantly Bitcoin, has an 88% likelihood of changing into the subsequent Treasury secretary below a second Trump administration, in keeping with prediction platform Polymarket.
FOX Enterprise journalist Eleanor Terrett described Bessent as a “very pro-crypto” determine. He believes that “the crypto economic system is right here to remain,” and that crypto “suits very properly with the Republican Occasion.”
“I feel all the things is on the desk with Bitcoin,” Bessent stated in an announcement shared by Terrett. “Probably the most thrilling issues about Bitcoin is that it brings in younger folks and those that haven’t participated in markets earlier than. Cultivating a market tradition within the US, the place folks imagine in a system that works for them, is the centerpiece of capitalism.”
If appointed as Treasury secretary, Bessent may convey main transformations to US financial coverage concerning digital property, together with the potential for establishing a strategic Bitcoin reserve, an thought hinted at by Trump throughout his keynote speech on the Bitcoin 2024 Convention in July.
The crypto business has emerged as a big political donor, supporting numerous congressional candidates and Trump’s presidential marketing campaign, as business executives search regulatory readability amid Congress’s failure to move complete crypto laws.
Sources acquainted with the matter advised The Washington Publish that Trump plans to pick out pro-crypto candidates for key regulatory positions as a part of his technique to make the US a world crypto hub, a promise he made throughout his presidential marketing campaign.
Trump’s transition workforce is reviewing candidates for key regulatory positions, together with the SEC chairmanship. Potential SEC chair candidates embody Robinhood’s authorized chief Daniel Gallagher and present Republican SEC commissioners Hester Peirce and Mark Uyeda.
The appointment would characterize a shift from present SEC Chairman Gary Gensler’s enforcement-focused method, which has resulted in authorized actions in opposition to main crypto platforms together with Binance, Coinbase, Kraken, and Ripple Labs.
Nonetheless, eradicating Gensler may set off a posh authorized battle over presidential authority. Some folks imagine Gensler will voluntarily resign as SEC Chairman, as is frequent in a regime change.
