Scott Bessent, a robust advocate for crypto, significantly Bitcoin, has an 88% chance of changing into the subsequent Treasury secretary underneath a second Trump administration, in accordance with prediction platform Polymarket.
FOX Business journalist Eleanor Terrett described Bessent as a “very pro-crypto” determine. He believes that “the crypto economy is here to stay,” and that crypto “fits very well with the Republican Party.”
“I think everything is on the table with Bitcoin,” Bessent stated in a press release shared by Terrett. “One of the most exciting things about Bitcoin is that it brings in young people and those who have not participated in markets before. Cultivating a market culture in the US, where people believe in a system that works for them, is the centerpiece of capitalism.”
If appointed as Treasury secretary, Bessent might carry main transformations to US financial coverage relating to digital property, together with the likelihood of establishing a strategic Bitcoin reserve, an concept hinted at by Trump throughout his keynote speech on the Bitcoin 2024 Conference in July.
The crypto business has emerged as a big political donor, supporting varied congressional candidates and Trump’s presidential marketing campaign, as business executives search regulatory readability amid Congress’s failure to move complete crypto laws.
Sources acquainted with the matter advised The Washington Post that Trump plans to pick out pro-crypto candidates for key regulatory positions as half of his technique to make the US a world crypto hub, a promise he made throughout his presidential marketing campaign.
Trump’s transition staff is reviewing candidates for key regulatory positions, together with the SEC chairmanship. Potential SEC chair candidates embrace Robinhood’s authorized chief Daniel Gallagher and present Republican SEC commissioners Hester Peirce and Mark Uyeda.
The appointment would symbolize a shift from present SEC Chairman Gary Gensler’s enforcement-focused strategy, which has resulted in authorized actions towards main crypto platforms together with Binance, Coinbase, Kraken, and Ripple Labs.
However, eradicating Gensler might set off a fancy authorized battle over presidential authority. Some folks imagine Gensler will voluntarily resign as SEC Chairman, as is frequent in a regime change.
