Bitcoin
Bitcoin (BTC)
$94,691.00 -0.53784
Bitcoin price
Ethereum
Ethereum (ETH)
$3,751.95 5.48485
Ethereum price
BNB
BNB (BNB)
$731.81 13.2216
BNB price
Solana
Solana (SOL)
$225.50 1.18608
Solana price
XRP
XRP (XRP)
$2.36 -5.74989
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000291 4.45579
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000205 4.46881
Pepe price
Bonk
Bonk (BONK)
$0.0000407 0.70784
Bonk price
dogwifhat
dogwifhat (WIF)
$3.14 1.59251
dogwifhat price
Popcat
Popcat (POPCAT)
$1.33 -2.5212
Popcat price
Bitcoin
Bitcoin (BTC)
$94,691.00 -0.53784
Bitcoin price
Ethereum
Ethereum (ETH)
$3,751.95 5.48485
Ethereum price
BNB
BNB (BNB)
$731.81 13.2216
BNB price
Solana
Solana (SOL)
$225.50 1.18608
Solana price
XRP
XRP (XRP)
$2.36 -5.74989
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000291 4.45579
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000205 4.46881
Pepe price
Bonk
Bonk (BONK)
$0.0000407 0.70784
Bonk price
dogwifhat
dogwifhat (WIF)
$3.14 1.59251
dogwifhat price
Popcat
Popcat (POPCAT)
$1.33 -2.5212
Popcat price
Bitcoin
Bitcoin (BTC)
$94,691.00 -0.53784
Bitcoin price
Ethereum
Ethereum (ETH)
$3,751.95 5.48485
Ethereum price
BNB
BNB (BNB)
$731.81 13.2216
BNB price
Solana
Solana (SOL)
$225.50 1.18608
Solana price
XRP
XRP (XRP)
$2.36 -5.74989
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000291 4.45579
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000205 4.46881
Pepe price
Bonk
Bonk (BONK)
$0.0000407 0.70784
Bonk price
dogwifhat
dogwifhat (WIF)
$3.14 1.59251
dogwifhat price
Popcat
Popcat (POPCAT)
$1.33 -2.5212
Popcat price
Bitcoin
Bitcoin (BTC)
$94,691.00 -0.53784
Bitcoin price
Ethereum
Ethereum (ETH)
$3,751.95 5.48485
Ethereum price
BNB
BNB (BNB)
$731.81 13.2216
BNB price
Solana
Solana (SOL)
$225.50 1.18608
Solana price
XRP
XRP (XRP)
$2.36 -5.74989
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000291 4.45579
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000205 4.46881
Pepe price
Bonk
Bonk (BONK)
$0.0000407 0.70784
Bonk price
dogwifhat
dogwifhat (WIF)
$3.14 1.59251
dogwifhat price
Popcat
Popcat (POPCAT)
$1.33 -2.5212
Popcat price

Paulson bows out and Bessent steps in with a crypto friendly vision for Treasury

bessent-steps-in-with-a-crypto-friendly-for-treasury
Edited by
Feature
Paulson bows out and Bessent steps in with a crypto friendly vision for Treasury

Update: Donald Trump named billionaire Scott Bessent as his Treasury Secretary pick on Nov 22.

As Trump gears up for another term, could his potential Treasury Secretary pick, Scott Bessent, finally bring a crypto-friendly approach to the highest levels of U.S. economic policy?

Paulson’s exit shifts the spotlight to Scott Bessent

As Donald Trump prepares for a second term in office, the spotlight has turned to the key role of the U.S. Treasury Secretary — a position with profound influence over the nation’s economic policy, global trade, and the broader financial system.

The race for this influential role has seen some surprising developments. Recently, billionaire investor John Paulson, who had been considered a frontrunner, withdrew his name from consideration, citing the complexity of his own financial obligations. 

With Paulson stepping aside, attention has now shifted to Scott Bessent, an experienced hedge fund manager and former associate of George Soros, who has emerged as the clear favorite.

Bessent’s potential appointment aligns with the emerging theme of Trump’s second term: a renewed focus on innovation, particularly within the tech and financial sectors. 

Signaling this direction, Trump recently appointed Elon Musk and Vivek Ramaswamy — two prominent tech figures — to lead an initiative dubbed the “Department of Government Efficiency” (DOGE) to streamline government functions.

Musk, a well-known advocate of Bitcoin (BTC), and Ramaswamy, a vocal supporter of deregulation, are likely to pursue policies that could have far-reaching, positive effects on the crypto industry. 

Against this backdrop, Bessent’s possible appointment brings added significance: with a history of supporting free markets and pro-crypto views, he could introduce a crypto-friendly perspective to the U.S. Treasury.

To understand what Bessent’s leadership might mean for the future of the digital economy, let’s take a closer look at his background, his stance on crypto, and the potential impact of his policies.

The man behind the Treasury Secretary buzz

Scott Bessent may not be a household name like Elon Musk or Warren Buffett, but in the financial world, he commands deep respect. 

Now 62, Bessent hails from Little River, a modest fishing town in South Carolina, where he grew up with an early awareness of financial risk. His father, a real estate investor, faced both successes and setbacks, experiences that left a lasting impression on young Scott.

After graduating from Yale University in 1984 with a degree in political science, Bessent initially considered journalism. However, a missed opportunity to become editor of Yale’s student newspaper redirected him to Wall Street, setting the stage for a remarkable financial career.

Bessent’ defining break came in the early 1990s when he joined Soros Fund Management, working closely with renowned investor George Soros and Soros’ top deputy, Stanley Druckenmiller. 

Among his significant contributions was his role in the infamous 1992 trade that shorted the British pound, a move that earned Soros Fund Management over $1 billion and solidified Bessent’s reputation as one of the brightest minds in macroeconomics.

After leaving Soros in 2000, Bessent managed investments for select clients before returning to Soros Fund Management in 2011, eventually becoming Chief Investment Officer. 

In 2015, he set out on his own, founding Key Square Group, a hedge fund that raised over $4.5 billion — $2 billion of it from Soros himself. 

At its peak, Key Square was one of the leading macro hedge funds, though by 2023, its assets had declined to about $577 million, according to Reuters.

So, what has pushed Bessent to the front of the line for Treasury Secretary? His longstanding ties with Donald Trump offer part of the answer. 

Bessent’s connection to the Trump family dates back to the 1980s through his late brother, Robert Trump, and over the years, Bessent has been a key financial backer of Trump’s political ventures. 

Bessent’s support was particularly influential during Trump’s 2016 campaign, and he has remained active in Trump’s economic initiatives ever since.

During the 2024 election, Bessent took on an even more prominent role — not only as a top fundraiser but also as an economic advisor. 

He played a key part in shaping the financial policies Trump championed, notably pushing for tax reforms, deregulation, and a vision for an economy that benefits all Americans. 

His advocacy for these policies aligns closely with Trump’s “America First” approach, resonating with many voters concerned about inflation and economic challenges.

Despite his clear qualifications, Bessent faces some challenges in his bid for Treasury Secretary. His lack of formal government experience could be a stumbling block.

Nevertheless, backed by Trump’s inner circle and a proven track record in global finance, Bessent stands a strong chance of becoming the next Treasury Secretary.

Bessent’s crypto vision

Bessent’s views on crypto, especially Bitcoin, are refreshing and bold for someone vying for the U.S. Treasury’s top job.

While Wall Street’s response to crypto has often been cautious or outright skeptical, Bessent has openly expressed enthusiasm for crypto, viewing it as a critical component of the U.S. economy’s future growth.

“I have been excited about the president’s embrace of crypto,” Bessent has said, linking his support to what he sees as a natural fit with Republican values.

According to him, crypto represents “freedom” and the belief that individuals should have greater control over their financial interactions. 

Bessent also envisions Bitcoin as a way to attract new, especially younger, participants to financial markets, suggesting it could democratize access to the financial system for those who haven’t engaged with it before.

In his view, attracting fresh participants into the economy helps create a system that “works for them,” reflecting his commitment to expanding market access.

His appointment could signal that the U.S. is ready to adopt a more progressive and open stance toward crypto, potentially paving the way for clearer, more favorable regulations that could accelerate crypto adoption.

A last-minute challenger emerges

With Bessent widely considered the favorite for Treasury Secretary, an unexpected challenger has emerged: Howard Lutnick, CEO of investment bank Cantor Fitzgerald and co-chair of Trump’s transition team. 

While Bessent’s reputation as a seasoned hedge fund manager and his pro-crypto stance have kept him in the lead, Lutnick is reportedly campaigning actively for the role. 

Sources describe his “last-minute effort” as a key reason for the delay in an official announcement, turning the selection process into a tense standoff between two Wall Street heavyweights.

Lutnick, well-known for his leadership of Cantor Fitzgerald through the aftermath of 9/11, has earned widespread praise for his resilience and philanthropic efforts. 

Like Bessent, Lutnick supports a pro-crypto agenda, though his involvement with Tether (USDT), a major stablecoin issuer, has stirred some concerns. 

Cantor Fitzgerald manages a substantial portion of Tether’s reserves, which include a $90 billion portfolio of U.S. Treasuries. 

Tether has faced scrutiny from regulators like the Commodity Futures Trading Commission and the New York Attorney General over allegations of misleading reserve practices, leading some within the Treasury to question Lutnick’s suitability, especially given the possibility of future Tether investigations.

Lutnick’s candidacy has reportedly divided Trump’s team. While his close relationship with Trump gives him an edge, key members of Trump’s circle believe Bessent’s financial acumen, commitment to free-market principles, and explicit support for digital assets make him a more fitting choice. 

Betting markets echo this sentiment: Polymarket currently assigns Bessent a 64% probability of nomination, compared to 31% for Lutnick.

Regardless of who ultimately takes on the role, both Bessent and Lutnick bring a pro-crypto perspective, suggesting that the Treasury is likely to adopt a more supportive stance toward digital assets.