After weeks of intense speculation, new US President Donald Trump has announced his name Scott Bessent is his choice for Secretary of the Treasury. The lengthy selection process has attracted many popular names, including Howard Lutnick of Cantor Fitzgerald, former Federal Reserve Governor Kevin Warsh and billionaire Marc Rowan. Ultimately, Trump chose Bessent, and this decision was immediately supported by various sectors.
Ripple’s CEO Brad Garlinghouse is one of the first personalities to praise the president’s choice, calling new Secretary Bessent “a perfect choice.” Many experts have expected this for a long time Bessent’s appointmentthanks to his pro-innovation attitude towards economic policy.
What Bessent’s nomination means for crypto
Scott Bessent has extensive experience in the financial sector and founded the hedge fund Key Square Management. Before founding his own company, Bessent worked for Jim Chanos and George Soros and is known for his work advocates for tax reformconservative trade policy and deregulation.
I don’t want to get too far ahead of myself, but…
Scott Bessent is the perfect choice @realdonaldtrump!
He will be the most pro-innovation, pro-crypto Treasury Sec we have ever seen
— Brad Garlinghouse (@bgarlinghouse) November 23, 2024
The appointment of Bessent as the next Minister of Finance has been generally welcomed by the market, including the crypto industry. Like the Securities and Exchange Commission (SEC), the Secretary of the Treasury also has a say in regulating digital assets.
Ripple’s CEO responds to the choice of Treasury Sec
Minutes after Trump’s appointment of Bessent, the crypto community immediately shared their thoughts, with Garlinghouse hinting at what the community can expect. Ripple’s CEO called Besset the perfect choice for the position. Garlinghouse added that incoming Secretary Bessent the most crypto-friendly secretary of the Ministry of Finance.
Garlinghouse expects Bessent to work on a friendly crypto policy. As CEO of Ripple, he has long advocated for pro-cryptocurrency rules and regulations and has actively worked with policymakers to create an enabling environment for digital assets.
Last week, multiple reports indicated that Garlinghouse met with Trump. While Garlinghouse did not deny or confirm the report, he liked a report about the alleged encounter.
Crypto community is looking ahead and waiting for the next SEC chairman
With Bessent having already locked up the post of the Minister of Finance, the crypto community is now looking ahead and waiting for the SEC’s choice. Like the Treasury Secretary, the next SEC chairman will play a crucial role in regulating digital assets. Ripple is one of those crypto companies that is keeping a close eye on these developments.
With Chairman Gary Gensler announcing his departure on January 20 and Commissioner Jaime Lizárraga making the same announcement, the crypto industry can expect a lot of changes. Trump is expected to appoint a pro-crypto chairman and form a crypto advisory board.
Featured image from ABC News, chart from TradingView