Trump Chooses Scott Bessent as the New US Treasury Secretary

• Trump elects Scott Bessent as the new U.S. Treasury Secretary to replace Janet Yellen.
• Bessent, a hedge fund executive, was Trump’s Economic Advisor in the 2024 election campaigns.  
• Trump stated that Bessent would enhance the US’ position as a leader in the crypto world.

President-to-be Donald Trump has chosen Scott Bessent as his U.S. Treasury Secretary candidate. Bessent is the CEO of Key Square Group, a global macro investment firm. Also, he worked as the chief investment officer at Soros Fund Management. With Bassent’s nomination, Trump brings to an end the stiff competition for the position. Bessent would be replacing Janet Yellen of the Joe Biden administration. 

Notably, Bessent, a hedge fund executive, was also Trump’s Economic Advisor during the latter’s 2024 election campaigns. With the latest update, Bessent’s appointment is expected to create history in the country, as the newly appointed Treasury Secretary would be the first LGBTQ member in the Republican cabinet. In a statement released on Friday, Trump appreciated Bessent for his enthusiasm to the ‘America First’ agenda. He said,

Scott has long been a strong advocate of the America First Agenda. He will help me usher in a new Golden Age for the United States, while maintaining the U.S. Dollar as the Reserve Currency of the World.

Trump’s approval of Bessent has gained optimism in the cryptocurrency sector. Having a pro-crypto stance, Bessent stated that blockchain technology would bring a vast change in the financial sector. According to crypto analysts, Bessent would enhance American domination on the digital currency and improve the development of blockchain-based products. 

Brad Garlinghouse, the founder of XRP, supported Trump’s decision on his X handle and stated that Bessent would be the perfect pick. However, Elon Musk, while discussing the cabinet pick, suggested that Howard Lutnick would be a better choice than Bessent for a transformative approach. 

Notably, Musk along with Vivek Ramaswamy would be heading the newly created Department of Government Efficiency (DOGE) to improve federal efficiency. As for Bassent, after taking up the position of Treasury Secretary, he would be reworking on all of Trump’s economic agenda, starting with renewing world trade, reforming the tax system, and controlling the national debt.