US Senate has confirmed President Donald Trump’s election for Finance Ministry, well-known Pro-Crypto advocate Scott Bessent. The billionary hedge fund manager from South Carolina will arrange the country’s tax collections and its debt market of $ 28 trillion, which has influence on fiscal policy, financial regulations, international sanctions and investments from abroad.
The bass was confirmed on January 27 by a Senat vote of 68 to 29 against 29 against, with 16 Democrats who supported the nomination.
The 62-year-old was a major donor, fundraiser and financial advisor for Trump’s Presidential Campaign 2024, and in November last year was rewarded with the President’s President appointment for State Secretary.
He has previously expressed supportive views on digital assets, speaking The Fox business in July last year that he had “been excited about the president’s embrace of crypto, and I think it fits very well with the Republican party. Crypto is about freedom, and the crypto economy is here to stay. “
During his nomination negotiation earlier in January also Bessent spoke against Issuing one Central Bank digital currency (CBDC) – Another of Trump’s most harsh blockchain policy – and says he saw “no reason” for the United States to have one.
“In my opinion, a central bank is digital currency for countries that have no other investment options,” Bessent said.
On Monday, his comments focused more on non-crypto issues and said that state spending was “without control” and that failure to renew $ 4 trillion in tax cuts that expire at the end of this year would be an “accident” for the middle class Americans, as well as to do the case that Customs Would help fight unfair trade practice, increase revenue and strengthen US leverage in international negotiations.
In terms of specific policy, the new Ministry of Finance is expected to apply a 2.5% universal customs to US imports that would go higher each month to as high as 20%, reported Financial times, with reference to sources that are familiar with the matter.
During Trump’s January 23 “Digital Economic Leadership” executive orderTreasury will also be part of the “President’s working group in digital asset markets” to nail the strategy for US digital asset policy.
Thus, Bessent will be involved in developing a federal regulation for digital assets, including Stablecoinsand evaluate the creation of an ”Strategic national digital assets stock. “
Bessent’s confirmation met approval from certain remarkable figures for the digital asset industry, including Ripple CEO Brad Garlinghouse, as congratulated Milliar Hedge Fund Manager at X.
“I am convinced that he will adopt economic policy for common sense, work with the administration and congress to grow us technical and cryptoinnovation,” Garlinghouse said.
Departure from former secretary
Once Bessent has sworn to the office, Bessent will officially take over Former Finance Minister Janet YellenA democratic appointed former President Joe Biden. The Yellen’s attitude to the digital asset space during her term was particularly more cautious than the one cured by Bessent.
April 7, 2022, spoke at the American University’s Kogod School of Business Center for Innovation, Yellen first recognized The growing effect of digital assets on the US economy while describing several political goals, including:
“First, the US financial system benefits from responsible innovation; Second, it is often the vulnerable of society that suffers most in an economic crisis when regulation does not move at the same rate as innovation; Third, regulation should focus on activities and risks, not technology; Fourth, superb money is at the heart of a functioning financial system; And fifth will require thought -provoking public and private dialogue between different groups to proceed. “
The yell also floated the possibility of issuing a cbdc, or Digital dollarsWhile taking into account affect it may have on monetary policyNational security and international trade, as well as its usability for consumers. According to the Yellen, solving such problems was a “technical challenge that would require years of development, not months.”
But even the hint of the Treasury that explored a CBDC was enough to inspire a significant backlash, including Drum to never allow the creation of a CBDC about the re -vaults, Several states moving To prevent a CBDC, and The transition by a federal bill that prevents the issuance of a CBDC without explicit approval by Congress, CBDC Anti-Surveillance State Act.
As well as getting a markedly more Swing-toInnovation-first strategy for monitoring digital assembly space, Bessent will almost certainly put Kibosh on all American CBDC testing and development for the foreseeable future.
See: Universal blockchain asset unlocks the future for payments
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