President-elect Donald Trump has chosen veteran hedge fund manager Scott Bessent as Treasury Secretary, signaling a potentially transformative shift in U.S. economic policy, particularly when it comes to cryptocurrency.
Bessent, a trusted advisor to Trump, has expressed strong support for digital assets, seeing them as a natural fit for free markets and economic freedom.
Bessent has publicly supported Trump’s vision of integrating crypto into national policy, which reportedly includes ambitious proposals such as creating a national Bitcoin reserve and establishing a crypto-focused presidential advisory council.
In an interview in July, Bessent praised Trump’s pro-crypto stance while criticizing Democrats’ approach to the industry following scandals such as the revelation of Sam Bankman-Fried’s political donations.
“They want to take on an entire industry because of one person’s bad behavior,” Bessent said. “Crypto is about freedom, and the crypto economy is here to stay.”
Bessent said Bitcoin particularly appeals to younger investors and those disillusioned with traditional financial systems after the 2008 financial crisis.
“Having a market culture in the U.S. where people believe in a system that works for them is a key part of capitalism,” Bessent said, speaking of Bitcoin’s potential to rebuild trust in financial markets.
Bessent’s appointment comes at a critical time when the U.S. is facing urgent economic challenges, including managing the federal debt and extending Trump-era tax cuts. As Treasury Secretary, he will play a key role in shaping policies that could more deeply integrate crypto into the country’s financial infrastructure.
Known for his expertise as one of Wall Street's top strategists, Bessent has earned Trump's trust with his support for tax cuts, deregulation and market-oriented policies.
Bessent’s pro-crypto stance aligns with the Trump administration’s broader pro-innovation rhetoric. If confirmed, his leadership at the Treasury could pave the way for regulatory clarity, greater adoption of digital assets, and a more prominent role for cryptocurrency in the U.S. economy.
*This is not investment advice.