{"id":39576,"date":"2025-01-28T08:25:15","date_gmt":"2025-01-28T08:25:15","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=39576"},"modified":"2025-01-28T08:25:15","modified_gmt":"2025-01-28T08:25:15","slug":"us-senate-confirms-trumps-pick-billionaire-scott-bessent-as-treasury-secretary","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=39576","title":{"rendered":"US Senate Confirms Trump\u2019s Pick Billionaire Scott Bessent As Treasury Secretary"},"content":{"rendered":"

The <\/span>US<\/span>\u00a0Senate has officially confirmed Scott Bessent, a billionaire hedge fund manager and Donald <\/span>Trump\u2019s<\/span> nominee, as the next <\/span>US<\/span>\u00a0Treasury Secretary. <\/span><\/p>\n

The 27 January 2025 vote concluded with 68 senators in favor and 29 opposed, with 16 Democrats crossing party lines to support <\/span>Bessent\u2019s<\/span> nomination.<\/span><\/p>\n

Ripple CEO Brad Garlinghouse publicly <\/span>congratulated Bessent on X<\/span><\/a>, expressing confidence in his ability to foster policies that promote <\/span>US<\/span>\u00a0tech and cryptocurrency innovation. <\/span><\/p>\n

EXPLORE:\u00a0<\/span>Best New Cryptocurrencies to Invest in 2025<\/span><\/a><\/strong><\/p>\n

Bessent To Oversee Critical Areas As Treasury Secretary<\/span><\/h2>\n

As Treasury Secretary, Bessent will oversee critical areas, including tax collection, the $28 trillion Treasury debt market, financial regulations, fiscal policy, international sanctions, and foreign investments.<\/span><\/p>\n

Bessent, a 62-year-old from Tennessee, is a staunch supporter of <\/span>Trump\u2019s<\/span> economic agenda. His priorities include renewing $4 trillion in expiring tax cuts, implementing tariffs, and increasing domestic oil production. <\/span><\/p>\n

He has also dismissed concerns that <\/span>Trump\u2019s<\/span> policies could contribute to inflation, as reported by Reuters. During his confirmation hearing, Bessent criticized <\/span>what he called<\/span> \u201c<\/span>out of control<\/span>\u201d <\/span>government spending.<\/span><\/p>\n

Congrats to the newly-confirmed Treasury Secretary Scott Bessent! He’ll be an incredible leader for Americans! <\/p>\n

I’m confident he’ll enact common-sense economic policies, working with the Administration and Congress to grow US tech and crypto innovation.<\/p>\n

\u2014 Brad Garlinghouse (@bgarlinghouse) January 28, 2025<\/a><\/p>\n\n

Known for his pro-crypto stance, Bessent has <\/span>voiced opposition to<\/span> the idea of a central bank digital currency (CBDC), a sentiment echoed by Trump. <\/span><\/p>\n

Speaking at<\/span> a Senate Finance Committee hearing on 16 January 2025, Bessent described CBDCs as a tool for nations with limited investment alternatives, stating,<\/span> \u201c<\/span>The US <\/span>has no need for<\/span> a central bank digital currency.<\/span>\u201d <\/span><\/p>\n

He further emphasized his enthusiasm for cryptocurrency, telling Fox Business last July,<\/span> \u201c<\/span>Crypto represents freedom, and the crypto economy is here to stay<\/span>.\u201d<\/span><\/p>\n

Bessent\u2019s<\/span> role will also involve implementing <\/span>Trump\u2019s<\/span> Jan. 23 crypto executive order, <\/span>which established<\/span> a governmental working group to develop the <\/span>country\u2019s<\/span> crypto strategy. <\/span><\/p>\n

This group includes David Sacks, <\/span>Trump\u2019s<\/span> AI and crypto czar, alongside the chairs of the SEC and CFTC. Together, they will shape the future of <\/span>U.S.<\/span> crypto policy.<\/span><\/p>\n

EXPLORE:\u00a0<\/span>10 Coins with High Returns: Crypto Forecast 2025<\/span><\/a><\/strong><\/p>\n

Trump Appoints Crypto-Friendly Individuals To Key Positions<\/span><\/h2>\n

Last month, Trump\u00a0<\/span>nominated former Securities and Exchange Commission Commissioner Paul Atkins<\/span><\/a>, a crypto advocate, to chair the agency. Industry leaders hope <\/span>Atkins\u2019<\/span> leadership will bring a more favorable regulatory environment for digital assets.<\/span><\/p>\n

Under the Biden administration, outgoing SEC Chair Gary Gensler took a stringent approach to the crypto industry, initiating enforcement actions against several high-profile companies and projects.<\/span><\/p>\n

Trump has been critical of\u00a0<\/span>Gensler\u2019s<\/span>\u00a0policies, promising during his campaign to fire him<\/span>\u00a0\u201c<\/span>on day one.<\/span>\u201d\u00a0<\/span>However, Gensler pre-empted this move by announcing his resignation, effective January.<\/span><\/p>\n

As reported, the SEC\u00a0<\/span>has<\/span>\u00a0<\/span>taken<\/span>\u00a0a\u00a0<\/span>tougher<\/span>\u00a0stance against crypto firms in 2024.<\/span>\u00a0More specifically, the regulator\u00a0<\/span>imposed nearly $4.7 billion<\/span><\/a>\u00a0in enforcement actions against crypto companies, a 3,018% increase from 2023.<\/span><\/p>\n

EXPLORE:\u00a0<\/span>15 New & Upcoming Coinbase Listings to Watch in 2025<\/span><\/a><\/strong><\/p>\n

The post US Senate Confirms Trump\u2019s Pick Billionaire Scott Bessent As Treasury Secretary<\/a> appeared first on 99Bitcoins<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

The US\u00a0Senate has officially confirmed Scott Bessent, a billionaire hedge fund manager and Donald Trump\u2019s nominee, as the next US\u00a0Treasury Secretary. The 27 January 2025 vote concluded with 68 senators in favor and 29 opposed, with 16 Democrats crossing party lines to support Bessent\u2019s nomination. Ripple CEO Brad Garlinghouse publicly congratulated Bessent on X, expressing […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-39576","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/39576"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=39576"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/39576\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=39576"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=39576"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=39576"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}