Who Is Scott Bessent? From Wall Street to Crypto Advocacy

Scott Bessent’s appointment as the U.S. Treasury Secretary triggered a strong reaction in the crypto community, and not without reason. He managed billions and played a key role in George Soros’s legendary short against the British pound. Today, he is shaping what the U.S. crypto markets might look like.

His ideas sound ambitious: rejecting a digital dollar and proposing a strategic crypto reserve. But they’re not seen as empty declarations. Many view Bessent as someone capable of changing the trajectory of both the American economy and the crypto industry.

How Soros’s Trader Became the White House’s Crypto Architect

Scott Bessent’s rise to the U.S. Treasury began far from the world of politics. He advanced through every level of the financial sector—from investment banking to managing a multibillion-dollar hedge fund. Each stage shaped his readiness for his current role.

Here are the key milestones of his career:

1. Brown Brothers Harriman

Bessent began in traditional investment banking, building his foundation at the oldest private bank in the United States.

2. Soros Fund Management (since 1991)

Trusted by George Soros, Bessent led the firm’s European operations and participated in the 1992 short against the British pound that brought in over $1 billion. The move made him a recognized figure in high-level finance.

3. Key Square Group

In 2015, he launched his own hedge fund, which at its peak managed over $8 billion. Known for a macroeconomic focus, the fund operated until 2022.

4. Treasury Department

In 2024, Donald Trump named Bessent as his future Treasury Secretary. Following Trump’s victory, Bessent assumed office on Jan. 28, 2025. His appointment was unexpected but aligned with crypto’s growing influence in global finance.

This career path earned Bessent a reputation as a sharp strategist capable of making unconventional decisions in times of high uncertainty. He has repeatedly emphasized his principle: “Think like an investor, act like a systems architect.”

In the cryptocurrency world, he’s respected for his rare combination of institutional expertise and openness to innovation. He is seen as someone who identifies strategic opportunities amid market instability. 

It’s precisely this ability to spot macroeconomic shifts that makes Bessent a key figure in shaping financial policy today. 

Scott Bessent: Vision and Influence on Economic Policy 

Bessent is known for his firm stance on fiscal discipline. He supports lower taxes, inflation control, and the strategic use of trade barriers. According to Bessent, the key to long-term economic growth lies in “flexible policies that stimulate the private sector, do not stifle innovation and curb government appetites.”

In this context, the differences between Bessent and his predecessors in the Treasury role become particularly striking:

1. Jack Lew (2013–2017)

As Treasury Secretary under Barack Obama, Lew followed a conventional macroeconomic approach focused on fiscal sustainability, international cooperation, and regulation of major banks. Cryptocurrencies were not part of his agenda—he largely ignored them.

2. Steven Mnuchin (2017–2021) 

A pragmatic administrator who concentrated on corporate tax policy, international trade negotiations, and Wall Street interests. His stance on crypto was largely neutral.

3. Janet Yellen (2021-2025) 

Adopted an even more cautious, academic approach rooted in Keynesian economics, supporting large-scale stimulus measures. She was openly critical of Bitcoin, viewing it as a volatile and risky asset for institutional investors.

Unlike his predecessors, Scott Bessent integrates cryptocurrencies into macroeconomic policy. He approaches digital assets as part of a systemic framework, shaping concrete mechanisms that range from legislative proposals to market consultations.

He supports Bitcoin as a potential asset for national reserves and views DeFi as a possible strategic advantage for the United States. His stance is not just rhetorical—it is grounded in actionable policy. Notably, no previous Treasury Secretary has demonstrated this level of engagement.

Additionally, Bessent advocates strict control over the budget deficit and rejects loose monetary policy. His views echo elements of the Austrian school. Among his influences are Milton Friedman, an economist who advocated for free markets, and Paul Volcker, the former Fed chair known for tackling inflation in the 1980s.

Bitcoin Instead of the Dollar? What Bessent Has in Store for the Crypto Market

In January 2025, Scott Bessent made headlines when he firmly rejected the idea of introducing a central bank digital currency (CBDC). His reasoning was clear: such measures pose a threat to citizen privacy and undermine the banking system. That statement became a key signal of how Bessent envisions the government’s role in the digital economy.

Unlike many regulators, he doesn’t push for greater oversight. Instead, Bessent focuses on strategic investment and institutional participation. He is actively promoting the idea of a national crypto reserve, positioning Bitcoin as a digital counterpart to gold. This initiative is widely seen as an effort to prepare the U.S. for a fundamental shift in the global financial architecture.

Bessent’s vision also translates into concrete steps to align government infrastructure with the realities of decentralized technology. According to CCN, the Treasury Department now considers blockchain a tool for increasing transparency in public spending and verifying digital documents. This reflects a deeper understanding of the technology’s potential, beyond treating cryptocurrencies merely as assets.

In 2025, the Treasury initiated a series of consultations with industry leaders to address core regulatory issues, including: 

• Taxation of stablecoins
• Legal status of smart contracts
• Investor protection in the Web3 ecosystem

All of this fits into a broader picture: Bessent isn’t simply responding to the crypto industry—he’s weaving it into the fabric of national financial strategy.As he put it in an interview:

I think everything is on the table with Bitcoin and to be one of the most exciting things about Bitcoin is for a generation of investors who posted great financial crisis have been looking for investment opportunities and soured on markets crypto is bringing in young people and the people who have not participated in markets and having a market culture in the U.S. and people believe in the market that works for them is the centerpiece of capitalism.

From Podcasts to Congress: How Bessent Sells His Crypto Vision

Scott Bessent doesn’t shy away from public engagement. He frequently appears on Fox Business, CNBC, and leading conservative economic forums.

Moreover, his longstanding relationships with Wall Street players lend credibility to his views, especially amid ongoing trade tensions that also touch crypto markets. 

Yet perhaps his greatest strength lies in his ability to speak across divides. Whether addressing institutional bankers or individual investors, Bessent speaks in a language both can understand. Many in the industry point to his rare ability to strike a middle ground, criticizing over-centralization while promoting thoughtful, pragmatic regulation.

In April 2025, speaking on the All-In Podcast, Scott Bessent remarked, “Crypto is freedom. But if that freedom isn’t given a legal framework, it will be exploited by those it wasn’t meant for.”

In May, he testified before the House Financial Services Committee, where he voiced support for legislation on stablecoins and digital asset market structure. Bessent stressed that the United States must position itself as a global leader in crypto innovation.

Bessent’s Blueprint: Four Steps to Reboot the Crypto Industry

From the early days of his tenure as Treasury Secretary, Scott Bessent outlined priorities that reflect his vision for the future of America’s crypto economy. Here are the key initiatives either underway or in development:

1. Tax Policy Reform for the Crypto Sector

The Treasury has launched efforts to simplify tax reporting for digital asset participants, including clarifying the treatment of stablecoins and DeFi protocols.

2. National Digital Asset Strategy

A comprehensive strategy is expected by summer 2025. It will include streamlined licensing for crypto exchanges and tax incentives aimed at supporting Web3 developers.

3. Institutional Dialogue with the Industry

Bessent has invited representatives from the Ethereum Foundation, Aave, Uniswap, and other major crypto players. The goal is to develop clear standards for regulatory interaction while protecting innovation in the sector.

4. Tokenized Government Debt Pilot

The Treasury has launched a pilot project to issue tokenized bonds for the state of Wyoming, testing the legal and technical infrastructure for digital sovereign debt instruments.

Scott Bessent may be the one to tilt the balance of U.S. crypto policy. His background in global finance, combined with a pragmatic stance on emerging technologies, positions him to bring greater structural stability to the digital economy.

Skeptics still cite his close ties to Wall Street, but many within the industry view him as a rare ally. 

However, the bigger question is whether Bessent’s reforms will mark the start of a lasting digital asset policy. The coming budget cycle may provide the first real answer.