After weeks of tense speculation, newly elected US President Donald Trump has chosen Scott Bessent as Secretary of the Treasury. The lengthy selection process has attracted many well-known names, including Howard Lutnick of Cantor Fitzgerald, former Federal Reserve Chairman Kevin Warsh, and billionaire Marc Rowan. In the end, Trump chose Bessent, and this decision was immediately met with approval from various sectors.
Ripple’s CEO, Brad Garlinghouse, is one of the first to praise the president’s choice, calling the new Secretary Bessent a “perfect choice”. Many experts have long anticipated Bessent’s nomination, thanks to his support for innovative economic policies.
What does the nomination of Bessent mean for Crypto
Scott Bessent has extensive experience in finance and is the founder of the Key Square Management hedge fund. Prior to starting his own firm, Bessent worked for Jim Chanos and George Soros and is known for his advocacy for tax reform, conservative trade policies, and deregulation.
The nomination of Bessent as the next Finance Minister has generally been positively received by the market, including the cryptocurrency industry. Similar to the Securities and Exchange Commission (SEC), the Finance Minister also has a voice in managing digital assets.
Ripple’s CEO reacts to the finance minister’s choice
A few minutes after Trump nominated Bessent, the cryptocurrency community immediately shared their thoughts, with Garlinghouse hinting at what the community can expect. Ripple’s CEO called Besset the perfect choice for this position. Garlinghouse added that the new Secretary Bessent could become the most crypto-friendly Treasury Secretary.
Garlinghouse expects Bessent to focus on cryptocurrency-friendly policies. As the CEO of Ripple, he has long advocated for regulations supporting cryptocurrencies and actively collaborated with policy makers to create a favorable environment for digital assets. Last week, there were reports that Garlinghouse had a meeting with Trump. Although Garlinghouse did not deny or confirm the reports, he did like a post about the alleged meeting.
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