After winning the last US presidential election, there are many expectations for Donald Trump’s incoming administration. Perhaps the most popular of these expectations is that Trump's administration will be very pro-crypto, enacting favorable legislation to help the cryptocurrency industry thrive. Trump made crypto a big part of his campaign, making the industry his biggest source of campaign donations. Trump is making good on his word, and his most recent move further confirms his dedication to crypto. 

Trump has chosen hedge fund manager and pro-crypto finance expert Scott Bessent as the next Treasury Secretary. Bessent, an unlikely political candidate, is best known for his tenure as billionaire George Soros's chief investment officer and as the founder of Key Square Capital Management.

The nomination of Trump’s new Treasury boss is a massive contrast to the Biden administration’s cautious outlook on crypto with current Treasury Secretary Janet Yellen. Bessent is widely known as pro-crypto and an advocate for blockchain technology; hence, his administration is expected to bring more regulatory clarity and implement more policies favorable to the crypto industry. 

Although yet to be confirmed by the Senate, President-elect Donald Trump is certainly firmly behind Bessent, calling him a “widely respected” investor and economic strategist who will “support my Policies that will drive U.S. Competitiveness, stop unfair Trade imbalances, and work to create an Economy that places Growth at the forefront, especially through our coming World Energy Dominance,”

Bessent was brought to the stage at one of Trump’s rallies in North Carolina, at which the then-presidential aspirant casually said, “He’s a nice-looking guy, too!" referring to Bessent. Trump also believes that Bessent is the man who will “Make America Rich Again.”

Known for publicly defending Trump’s economic plans in the media, Scott Bessent has also been very vocal about his support for crypto. In a Fox Business interview earlier in the year, Bessent stated:

Crypto is about freedom, and the crypto economy is here to stay. Crypto is bringing in young people, people who have not participated in markets.

But it’s not just about public speeches; Bessent is also known for having invested in different blockchain startups and decentralized finance initiatives, which has won him the confidence of the crypto community as a good pick by the incoming president. 

If approved by the Senate, Bessent would also become among the first openly gay Cabinet officials in the United States and the first gay person to lead the Treasury. Already enjoying massive support from Trump and acceptance by Trump’s crypto voters, all that’s left for Bessent now is Senate approval to usher in Trump’s pro-crypto American government.

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