- Trump appointed Scott Bessent to be US Treasury Secretary
- Senate confirmed his appointment and voted 68 to 29
Trump recently selected Scott Bessent as a US Treasury Secretary, but the decision still had to go through the Senate. On Monday, voted 68 to 29 to confirm pro-crypto Scott Bessent to be US Treasury Secretary, with very polarizing statements for and against.
More About Scott Bessent as a US Treasury Secretary
As a reminder, Scott Bessent is a billionaire hedge fund manager who recently disclosed his assets with an estimated valuation of at least $521M.
He is a staunch pro-crypto advocate and has a great understanding of finance and business, which is prioritized now judging by Mike Crapo’s statements:
“A Treasury Secretary heads the agency charged with supporting economic growth, representing U.S. interests before foreign nations and global financial markets and organizations, managing the federal treasury, and overseeing financial institutions, to name a few responsibilities. Past successful Treasury Secretaries have understood business and financial markets, as well as foreign policy, national security, budgets, and regulation.”
In this regard, Donald Trump’s choice of Scott Bessent may prove to be quite wise and has a chance to show good results. This is confirmed by other statements:
“Mr. Bessent has worked for the last three decades as one of the sharpest minds in the global finance industry, including as an entrepreneur who started his own asset management firm. He taught economic history at Yale University, is a member of the Council on Foreign Relations, has served on the board of universities and non-profits and engages in a variety of philanthropic endeavors. Mr. Bessent, based upon your background, experience and character, President Trump made an excellent choice in nominating you to be a Secretary of the Treasury.”
However, as you may have noticed there are still 29 dissenters to this decision, and they too give their very strict arguments for it. In particular, it is worth considering Ron Wyden’s statements in which he questions whose interests Donald Trump is acting in and Scott Bessent respectively:
“People feel held down by the cost of living. They look at the growing fortunes at the top, and they weigh that against their sense that America’s middle class no longer has the opportunity to get ahead. Trump’s going to be waging this class war instead of fixing what’s broken about our tax system, which is that there’s a special set of rules that only applies to the ultra-wealthy. They get to pay what they want, when they want, and oftentimes nothing at all.”
He also directly criticized Scott Bessent:
“The taxes that fund Medicare are automatic for the vast majority of Americans, straight out of every paycheck. It’s a civic duty that pays off as earned benefits down the road. But like a lot of Wall Street fund managers, Mr. Bessent makes use of a tricky legal maneuver to opt out of paying into Medicare. It’s a tax loophole that hurts Medicare but benefits Mr. Bessent to the tune of hundreds of thousands of dollars each year.”
In general, he emphasized his disagreement with the whole course of what he thinks the US Treasury now expects:
“The American people voted for change, and more than anywhere else, they want change in the economy. They’re not going to get it from Scott Bessent or Donald Trump.”
Conclusion
The voices in opposition sound strong, but this is still an assumption. The decision to make Scott Bessent a US Treasury Secretary has already been made, and now he has the opportunity to both fulfill the hopes of those who voted in favor and refute the claims of those who are against.
We will be watching the actual initiatives and their effects, especially regarding decisions on Bitcoin and other cryptocurrencies. Be aware and stay tuned.
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