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The US Senate has confirmed the billionaire hedge fund supervisor Scott Bessent as the brand new US Treasury Secretary.
The Senate accepted Bessent’s affirmation by a vote of 68 to 29 on Monday, 16 Democrats supporting his nomination.
Brad Garlinghouse, Ripple CEO, congratulated Bessent on X, expressing confidence that he would implement sensible financial insurance policies and collaborate with the Trump administration and Congress “to develop US tech and crypto innovation.”
Congrats to the newly-confirmed Treasury Secretary Scott Bessent! He’ll be an unbelievable chief for People!
I am assured he’ll enact commonsense financial insurance policies, working with the Administration and Congress to develop US tech and crypto innovation.
— Brad Garlinghouse (@bgarlinghouse) January 28, 2025
The principle duty of the Treasury Secretary is to supervise the nation’s tax collections and its $28 trillion Treasury debt market. Bessent may also be liable for fiscal coverage, monetary rules, worldwide sanctions, and abroad investments.
The 62-year-old Tennessee lawmaker is a robust advocate for Trump’s financial agenda. Bessent helps the renewal of $4 trillion in expiring tax cuts, tariff implementation, and elevated oil manufacturing. He additionally said that Trump’s insurance policies wouldn’t result in inflation, in keeping with Reuters.
In his affirmation listening to, Bessent described authorities spending as “uncontrolled.”
Scott Bessent: Professional-Crypto Stance And Help For Trump’s Agenda
Acknowledged for his pro-crypto stance, Bessent opposes the concept of a central financial institution digital forex.
“I see no motive for the US to have a central financial institution digital forex,” he mentioned in a January 16 Senate Finance Committee listening to, including that such currencies are for international locations with “no different funding options.”
Beneath Trump’s January 23 crypto govt order, the Treasury shall be a part of a authorities working group that helps form technique for US crypto coverage.
Trump’s AI and crypto czar, David Sacks, together with the chairs of the SEC and CFTC, may also be a part of the working group. They’ll assist form US crypto coverage underneath the manager order.
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