Donald Trump, the President-elect of the United States, has nominated Scott Bessent as Treasury Secretary for his administration. This decision has generated enthusiasm in the emerging industry due to Bessent’s pro-crypto reputation.

Bessent and Cantor Fitzgerald CEO Howard Lutnick had been considered strong favorites for the position. However, Lutnick was eventually nominated as Commerce Secretary.

Crypto Industry Welcomes Scott Bessent’s Nomination for Treasury Secretary

In a November 22 announcement on Truth Social, Trump praised Bessent as the ideal candidate to support his administration’s economic goals. The President stated that Bessent will play a pivotal role in strengthening the US economy, fostering innovation, and maintaining the dollar’s status as the global reserve currency.

“Scott will support my policies that will drive US competitiveness, and stop unfair trade imbalances, work to create an economy that places growth at the forefront, especially through our coming world energy dominance,” Trump added.

Wall Street veteran Bessent, who founded the international macro investment company Key Square Group, brings extensive experience to the role. He had previously served as the chief investment officer for the prominent investor George Soros.

While President Trump’s announcement did not directly reference cryptocurrencies, many in the digital asset space view Bessent’s appointment as a positive sign. In past statements, Bessent has described crypto as a symbol of financial freedom. He also called Bitcoin an alternative investment for younger investors disillusioned with the traditional financial system.

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Author: Oluwapelumi Adejumo