U.S. Treasury Welcomes Scott Bessent, a Strong Voice for Crypto

His nomination was approved on January 27, 2025, with a commanding 68-29 vote. Bessent, the founder of Key Square Group, steps in to replace Janet Yellen, who has served in the role since 2021

A Pro-Crypto Visionary

Scott Bessent’s strong advocacy for cryptocurrency has positioned his appointment as a pivotal development for the digital finance world. His quotes, “Crypto is about freedom” and “The crypto economy is here to stay,” reflect his vision for the future of decentralized finance.

Ahead of the vote, Senate Finance Committee Chair Mike Crapo described Bessent as “one of the sharpest minds in the global finance industry” and emphasized that “his skill set and experience are perfectly aligned with the demands of this role.”

Nevertheless, Bessent has been a vocal opponent of central bank digital currencies (CBDCs), stating:

In my mind, a central bank digital currency is for countries who have no other investment alternatives.

Shaping the Future of U.S. Crypto Regulation

Scott Bessent is poised to lead efforts in the Presidential Working Group on Digital Asset Markets, initiated last week through an executive order by Donald Trump.

This group will work on designing a federal framework for regulating digital assets, including stablecoins, and will analyze the viability of a strategic national reserve for digital currencies.

Under Scott Bessent’s leadership, the U.S. Treasury has been charged with delivering recommendations to the White House within two months on how to modernize current cryptocurrency regulations or draft new legal measures. The working group must also finalize legislative and regulatory proposals within six months.

Brad Garlinghouse, CEO of Ripple, congratulated Bessent on X with the message:

Congrats to the newly-confirmed Treasury Secretary Scott Bessent! I'm confident he'll enact common-sense economic policies, working with the Administration and Congress to grow US tech and crypto innovation.

Bessent’s CBDC Opposition and FinCEN Oversight

Trump’s executive order explicitly prohibiting the development of a central bank digital currency (CBDC) in the U.S. closely mirrors Bessent’s perspective on the issue.

Unlike nations such as China, which are rapidly advancing CBDC projects, Bessent has repeatedly emphasized that these instruments are unnecessary and counterproductive for the U.S. financial system.

As head of the Treasury Department, Bessent will also manage the Financial Crimes Enforcement Network (FinCEN), which has been increasingly vigilant in monitoring crypto transactions, with a focus on activities involving mixers.

A Fresh Approach to Digital Asset Regulation

Scott Bessent’s leadership is anticipated to pave the way for a more forward-thinking and innovation-centered strategy toward digital assets at the Treasury Department.

“The real challenge for Bessent lies ahead: will he be able to balance the need for innovation with regulatory demands to define the trajectory of the U.S. cryptocurrency sector?” asks Ivan Dykalenko, an analyst at The Coinomist.