1 week ago
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Trump's administration plans to select pro-crypto candidates for key regulatory roles.
REUTERS/Jonathan Drake
Key Takeaways
- Polymarket predicts an 88% chance of Scott Bessent becoming Treasury secretary under Trump.
- Bessent's appointment signals a potential shift towards a pro-crypto US policy.
Scott Bessent, a strong advocate for crypto, particularly Bitcoin, has an 88% probability of becoming the next Treasury secretary under a second Trump administration, according to prediction platform Polymarket.
FOX Business journalist Eleanor Terrett described Bessent as a “very pro-crypto” figure. He believes that “the crypto economy is here to stay,” and that crypto “fits very well with the Republican Party.”
“I think everything is on the table with Bitcoin,” Bessent said in a statement shared by Terrett. “One of the most exciting things about Bitcoin is that it brings in young people and those who have not participated in markets before. Cultivating a market culture in the US, where people believe in a system that works for them, is the centerpiece of capitalism.”
If appointed as Treasury secretary, Bessent could bring major transformations to US economic policy regarding digital assets, including the possibility of establishing a strategic Bitcoin reserve, an idea hinted at by Trump during his keynote speech at the Bitcoin 2024 Conference in July.
The crypto industry has emerged as a significant political donor, supporting various congressional candidates and Trump’s presidential campaign, as industry executives seek regulatory clarity amid Congress’s failure to pass comprehensive crypto legislation.
Sources familiar with the matter told The Washington Post that Trump plans to select pro-crypto candidates for key regulatory positions as part of his strategy to make the US a global crypto hub, a promise he made during his presidential campaign.
Trump’s transition team is reviewing candidates for key regulatory positions, including the SEC chairmanship. Potential SEC chair candidates include Robinhood’s legal chief Daniel Gallagher and current Republican SEC commissioners Hester Peirce and Mark Uyeda.
The appointment would represent a shift from current SEC Chairman Gary Gensler’s enforcement-focused approach, which has resulted in legal actions against major crypto platforms including Binance, Coinbase, Kraken, and Ripple Labs.
However, removing Gensler could trigger a complex legal battle over presidential authority. Some people believe Gensler will voluntarily resign as SEC Chairman, as is common in a regime change.
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