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The U.S. Senate has confirmed Scott Bessent, a former hedge fund manager who is generally seen as pro-crypto, as the new Treasury Secretary.
What's the Scoop?
- Pro-Crypto Reputation: Known for supporting cryptocurrencies, Bessent is an advocate for blockchain innovation in financial markets but has also vocally opposed the creation of a central bank digital currency.
- Regulatory Role: Alongside his other roles, Bessent will join a presidential working group focused on developing guidelines for the crypto industry.
- Senate Approval: Scott Bessent was confirmed with a bipartisan 68-29 Senate vote.
Bankless Take
Scott Bessent has made comments in the past supporting the crypto space saying things like crypto is “here to stay” and is heavily against a central bank digital currency. His confirmation has brought hope and optimism for a more balanced and innovation-friendly regulatory approach. His experience and pro-crypto attitude could pave the way for a regulatory framework that would encourage innovation within the U.S.
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