US Senate confirms pro-crypto Scott Bessent as new Treasury secretary

The U.S. Senate has confirmed pro-crypto Scott Bessent as the new Treasury secretary, who will succeed Janet Yellen. The confirmation was made in a Senate vote on Monday, where 68 voted for Bessent against 29. 

Last November, Trump nominated the billionaire hedge fund manager to lead the Treasury Department. Bessent had previously expressed his positive view of crypto, saying that crypto is about freedom and the crypto economy is “here to stay.”

Bessent has also spoken against issuing a central bank digital currency, saying he saw “no reason” for the U.S. to have one. "In my mind, a central bank digital currency is for countries who have no other investment alternatives," Bessent said.

As Treasury secretary, Bessent is expected to be a part of the "Presidential Working Group on Digital Asset Markets," reportedly created under an executive order signed by Trump last week. The working group will work on developing a federal regulatory framework for digital assets, including stablecoins and work to evaluate the creation of a "strategic national digital assets stockpile."

“Congrats to the newly-confirmed Treasury Secretary Scott Bessent,” wrote Ripple CEO Brad Garlinghouse in an X post. “I'm confident he'll enact common-sense economic policies, working with the Administration and Congress to grow US tech and crypto innovation.”

Meanwhile, Reuters reported that Bessent is a “forceful advocate” for Trump’s economic agenda, which focuses on cutting taxes and imposing steep tariffs. Bessent reportedly is against the idea that Trump’s economic policies would worsen inflation, as it will be tamed under the administration’s efforts to increase oil production.

The new Treasury secretary is expected to apply a 2.5% universal tariff on U.S. imports that would move higher each month to as high as 20%, Financial Times reported, citing sources familiar.