Trump’s pro-crypto Treasury Secretary Scott Bessent prepares for confirmation hearing

The Senate Finance Committee has reportedly locked in January 16 as the big day for Scott Bessent, President-elect Donald Trump’s pick for Treasury Secretary.

So now Scott, a hedge fund mogul and crypto lover, is preparing for what promises to be a closely watched confirmation hearing. However, a spokesperson for Senator Mike Crapo, the committee’s Republican chair, clarified that the date hasn’t been officially stamped just yet.

Crapo’s camp says they’re moving full steam ahead, ready to get Scott through the process as fast as possible. Trump’s decision to hand over the Treasury reins came after a dramatic tug-of-war between some of Wall Street’s biggest names.

Scott edged out other giants, including former Federal Reserve Governor Kevin Warsh and private equity honcho Marc Rowan. This job is the nerve center for America’s economic policies. Think taxes, regulations, trade deals, and a mountain of $36 trillion in federal debt. This is the guy Trump wants to run it all.

A $36 trillion debt problem and crypto dreams

If confirmed, Scott will step into one of the most chaotic economic situations in recent history. The national debt is sitting at $36 trillion, with $28.7 trillion owed to the public. Projections show the federal deficit could balloon to $2 trillion in fiscal 2025, with $1.2 trillion in interest payments alone.

Rising bond yields aren’t helping, making it pricier to keep borrowing. And then there’s Trump’s ambitious tax-cut agenda, expected to add $8 trillion to the debt over the next decade unless there are major spending cuts to offset it.

Scott isn’t fazed. He believes Trump’s economic policies, including cutting taxes and imposing tariffs, will boost growth and bring in more revenue. Trump agrees, calling him a “world-class strategist” and saying he’ll be the man to “correct unfair trade imbalances.”

Tariffs will likely rattle global supply chains and trade relations, but Scott argues the disruption is worth it. He’s betting on a resurgence in U.S. manufacturing and a stronger economic foundation.

Scott also aligns perfectly with Trump’s pro-crypto vision. During a Fox Business interview in July 2024, Scott called crypto “freedom” and praised its appeal to younger investors fed up with traditional finance.

He sees it as a key part of America’s financial future, saying, “A strong market culture, where people believe the system works for them, is the backbone of capitalism.” However, he has declined from disclosing which crypto he owns, if any. And history tells us Trump definitely prefers it that way.

Wall Street credibility and Soros controversy

Scott’s Wall Street pedigree is undeniable. He built Key Square Capital Management, a hedge fund that became a go-to for elite investors. Before that, he served as the Chief Investment Officer for billionaire George Soros, a powerfully liberal name that will likely forever raise eyebrows among Conservatives.

Critics argue his ties to Soros make him a questionable fit for Trump’s America-first agenda. But as always, Trump doesn’t seem to care. He’s betting that Scott’s financial expertise outweighs any past affiliations. As he puts it: “There aren’t many people who understand markets better than Scott.”

Even so, some of Trump’s closest allies are uneasy. Elon Musk, the president’s self-proclaimed “First Buddy,” reportedly pushed hard for Howard Lutnick of Cantor Fitzgerald to get the job instead. Others have questioned Scott’s enthusiasm for tariffs, saying it’s not as aggressive as they’d like. Yes, that’s a real thing apparently.

And then there’s the speculation about Kevin Warsh. Some reports suggest Warsh could slide into the Treasury role temporarily, then move on to chair the Federal Reserve when Jerome Powell’s term ends in 2026. Scott landing the Treasury post could pave the way for Warsh to take over the Fed later, but for now, all eyes are on January 16.

The Treasury’s role in Trump’s playbook

The Treasury Secretary is more than just a bean counter. This role is central to the White House’s economic plans, and Trump’s administration has no shortage of ambitious goals.

From managing the federal debt to overseeing financial regulations, Scott will be the guy making sure Trump’s vision comes to life. That includes battling financial crimes and making the U.S. economy more competitive on a global scale.

Replacing Janet Yellen, the first woman to serve as both Federal Reserve Chair and Treasury Secretary, Scott will have to manage an entirely different economic climate.

Janet’s tenure focused on post-pandemic recovery, while Scott will step into a world where crypto, inflation, and tariffs dominate the conversation.

His philanthropic ties also add an interesting dimension. He’s deeply involved with Yale University, Rockefeller University, and the Classical American Homes Preservation Trust.

While these connections are less relevant to his role at the Treasury, they paint a picture of a man deeply entrenched in America’s elite financial and academic circles.

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