Emily Walker
After much anticipation, President-elect Donald Trump has officially selected Scott Bessent as his nominee for Treasury Secretary. This prolonged decision-making process included various prominent candidates like Howard Lutnick, ex-Federal Reserve governor Kevin Warsh, and billionaire Marc Rowan. Ultimately, Trump’s choice of Bessent has received swift approval from various sectors.
Brad Garlinghouse, CEO of Ripple, was among the first to commend Trump’s selection, describing Bessent as “an ideal choice.” Many analysts had anticipated Bessent’s appointment due to his support for innovation-driven economic policies.
Implications of Bessent’s Appointment for Cryptocurrency
Scott Bessent brings a wealth of experience from the finance world and is the founder of the hedge fund Key Square Management. Prior to establishing his own firm, he worked with renowned figures like Jim Chanos and George Soros and is recognized for his efforts in advocating tax reform, conservative trade practices, and reduced regulations.
I don’t want to get too far ahead of myself but…
Scott Bessent is the perfect pick by @realdonaldtrump!
He will be the most pro-innovation, pro-crypto Treasury Sec we’ve ever seen
— Brad Garlinghouse (@bgarlinghouse) November 23, 2024
The market, including the crypto sector, has largely welcomed Bessent’s nomination as Treasury Secretary. This position also plays a significant role in the oversight of digital assets, similar to the Securities and Exchange Commission (SEC).
Garlinghouse’s Response to the Treasury Secretary Nomination
Following Trump’s announcement of Bessent, the cryptocurrency community quickly shared their viewpoints, with Garlinghouse suggesting that Bessent could bring a positive shift. He asserted that Bessent has the potential to become the most crypto-friendly Treasury Secretary we have seen.
Garlinghouse anticipates that Bessent will promote supportive policies for cryptocurrencies. As Ripple’s leader, he has historically pushed for favorable regulations and worked alongside lawmakers to cultivate a beneficial environment for digital currencies.
Reports surfaced last week indicating that Garlinghouse met with Trump. Although he did not confirm or deny the meeting, he did engage with a social media post regarding it.
Looking Forward: The Crypto Community Awaits Next SEC Chair
With Bessent now confirmed as Treasury Secretary, the focus shifts to who will be appointed as the next SEC chair. Similar to the Treasury position, the new SEC chairman will be crucial in determining regulations surrounding digital assets. Ripple remains vigilant about these impending changes.
With Gary Gensler’s exit set for January 20th, alongside commissioner Jaime Lizárraga’s announcement, the cryptocurrency sector should prepare for various transformations. Trump is expected to nominate someone who supports crypto initiatives and establish a crypto advisory council.
Featured image from ABC News, chart from TradingView