Scott Bessent, the billionaire hedge fund manager and crypto advocate has just been confirmed as the next United States Treasury Secretary by the Senate. The vote ended, with about 68 in favor of Bessent, while 29 people opposed his nomination. The official pick adds yet another powerful ally in Donald Trump’s corner, with Bessent sharing the same sentiment in economic and crypto-friendly policies.
Scott Bessent is going to become another influential figure in the United States, managing public debt, overseeing tax policy, and carrying out Donald Trump’s tax cuts agenda. His confirmation is coming at a time when there has been a plethora of changes in Washington. He highlighted his intentions to implement policies that will help America at his Senate hearing. He also discussed Elon Musk’s DOGE initiative, pledging to support it.
Scott Bessent backs Elon Musk’s DOGE initiative
At his confirmation hearing, Scott Bessent mentioned that the DOGE department is a very integral piece that will aid Trump’s broader economic policies. According to an executive order by President Trump, the DOGE department is expected to cut a third of the federal budget by July 2026. However, critics like JPMorgan CEO Jamie Dimon have criticized the project, noting that it will disrupt jobs in the civil service.
Some details of how the department was going to carry out their deployment leaked on social media some days ago, earning Elon Musk backlash from the general public and some United States lawmakers. According to some, the initiative feels like the corporate entities taking over the government, seeing it as less than a legitimate government running affairs.
Senator Warren grills Bessent over his crypto stance
Meanwhile, anti-crypto senator Elizabeth Warren quizzed Scott Bessent over his approach towards crypto regulation, describing it as alarmingly vague. In a letter sent before Bessent’s hearing, the senator asked how he intends to oversee the crypto market, regulate stablecoins, and fight illegal activities carried out using crypto.
Warren wanted to know his view about the jurisdiction of the money laundering or US sanctions evasions, asking if he thought it should be overseen by the Treasury’s Office of Foreign Assets Control (OFAC). During his hearing, Bessent did not relent in his stance on digital assets, discussing its transformative potential.