Scott Bessent was officially confirmed as the new American secretary of the Treasury. The Senate approved its appointment with a strong voting of 68-29, reporting a new orientation for tax policies and linked to the country’s crypto within the framework of the Trump administration.
Bessent, a former hedge fund manager with a vast experience in global finance, is known for his pro-Crypto position. Its appointment is considered a pivotal moment for the future of digital assets, clearly emphasizing the balance of regulations and innovation.
A pro-Crypto chef at the helm
Bessent’s confirmation as a treasure secretary marks a significant change in leadership, in particular concerning the administration approach in cryptocurrency. During his confirmation process, the president of the Senate finance committee, Mike Crapo, praised the deep understanding of Bessent of the financial landscape, describing it as “one of the most brilliant minds of global finance”. This expertise should be a precious asset while Bessent assumes the responsibility to supervise the American economy, in particular with regard to the evolution of the world of digital currencies.
As part of its new role, Bessent will play a key role in the development of cryptocurrency policies, including the regulation of digital assets and the wider cryptography ecosystem. His pro-Crypto perspective suggests that he can plead for lighter directives and regulatory executives who could promote innovation while guaranteeing compliance with national security standards.
No digital currency of the Central Bank (CBDC) under the Bessent watch
One of the most notable aspects of Bessente’s approach to cryptographic policy is its position on the digital currencies of the Central Bank (CBDC). During its confirmation hearing, Bessent firmly expressed that the federal reserve should not be involved in the creation of a national CBDC. This is aligned with the wider strategy of the Trump administration to limit the direct participation of the government in the development of digital currencies issued by central banks.
This decision has drawn attention, as CBDCs are a growing trend in the world. However, Bessent’s position indicates that the United States can take a different path, focusing on improving digital assets in the private sector rather than a currency supported by the government. This decision could lead to new debates within the financial community on the role of CBDC in relation to decentralized cryptocurrencies.
Fight against financial crimes and improve national security
As secretary to the Treasury, Bessent will also supervise several crucial units focused on the prevention of financial crimes, including the financial crimes in Network (Fincen). Fincen is responsible for fighting money laundering, terrorist funding and human trafficking, all of which have more and more involved in cryptocurrencies.
Under the direction of Bessent, Fincen should intensify its efforts to regulate cryptocurrency mixers, which are used to obscure the origins of digital transactions and facilitate illicit activities. Bessent’s objective will probably be to create stronger regulations to prevent the use of cryptocurrencies for illegal purposes while supporting the growth of cryptographic industry in a safer environment.
Bessent’s approach will probably focus on the abolition of a balance between supporting the growth of the cryptography sector and guaranteeing that it does not become a tool for illicit activities. His experience in global finance and risk management will contribute to the development of policies that protect national security without stifling innovation.
Support for industry leaders
The appointment of Bessent has already received praise of key personalities from the cryptocurrency space. Brad Garlinghouse, CEO of Ripple, expressed his confidence in the leadership of Bessent, declaring: “The new secretary Scott Bessent will be a great leader for the Americans.” This approval highlights anticipation within the cryptographic community that Bessente will be an avant-garde leader who includes the subtleties of digital assets.
With its in-depth history in finance and its clear position on the regulation of cryptography, Bessent is about to play a central role in the formation of the future of cryptocurrency in the United States, its leadership should influence not only Regulatory policies, but also broader discourse around digital currencies and their role in the global financial system.
What is the next step for Crypto under the leadership of Bessent?
As secretary of the Treasury, Bessent will be responsible for the implementation of policies that have an impact on the wider cryptography industry and the financial sector. Although its Pro-Crypto position suggests that the United States will continue to promote innovation in the space of digital assets, its leadership will also favor national security and the prevention of financial crimes.
In the future, the Treasury Department will probably play a more active role in the regulation of the cryptocurrency markets, emphasizing the guarantee that digital assets are used in a secure, transparent and in accordance with American laws. The challenge for Bessent will be to find the right balance between promoting innovation and ensuring that cryptocurrencies are not exploited for illicit purposes.
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