Trump Picks Pro-Crypto Hedge Fund Manager Scott Bessent for Treasury Secretary

Election 2024 coverage presented by
U.S. President-elect Donald Trump named hedge fund manager Scott Bessent, a cryptocurrency enthusiast, as his pick for Treasury Secretary.
If the Senate confirms him, the next person whose signature adorns U.S. paper currency will be a fan of the digital currency ecosystem set up to replace the conventional financial system.
Bessent runs Key Square Group, a macro investing firm. He worked for prominent investor George Soros three decades ago and was, according to The Wall Street Journal, “one of the driving forces” behind Soros Fund Management’s famous bet — that netted a more than $1 billion profit — that the British pound would collapse.
Bitcoin (BTC) and crypto as a whole are now in his sights.
“I have been excited about [Trump’s] embrace of crypto and I think it fits very well with the Republican Party, the ethos of it. Crypto is about freedom and the crypto economy is here to stay,” he said in an interview with Fox Business in July. “Crypto is bringing in young people, people who have not participated in markets.”
Polymarket traders had bet that he was a frontrunner. At one point, Cantor Fitzgerald CEO Howard Lutnick was viewed as one, too, but he was ultimately picked as Commerce Secretary. Lutnick has also dabbled in digital assets, helping stablecoin issuer Tether manage the giant stockpile of U.S. Treasuries that back its USDT stablecoin since 2021.
Edited by Nick Baker.
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.
Helene is a New York-based reporter covering Wall Street, the rise of the spot bitcoin ETFs and crypto exchanges. She is also the co-host of CoinDesk’s Markets Daily show. Helene is a graduate of New York University’s business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.