Trump nominated Bezent as the US Treasury Secretary. What is his position on Cryptocurrency and support for BTC reserves?

Donald Trump nominated Hedging fund manager Scott Bessent as the Treasury Secretary. This former investment chief of Soros Fund is widely followed for his friendly stance towards Crypto Assets. He supports BTC as a strategic national reserve asset and advocates for reducing regulations on Crypto Assets. If confirmed, Bessent will become the first Treasury Secretary in the United States to support Crypto Assets. (Background: Trump's Cryptocurrency Advisory Committee will assist in establishing a BTC reserve in the U.S.) (Additional context: Trump's backtrack on 'not supporting encryption' could be disastrous! Forbes warns: investors, don't get too excited too soon.) President-elect Donald Trump will be sworn in as the president on January 20 next year, and has recently nominated key cabinet members including the Treasury Secretary, Secretary of State, Secretary of Defense, etc. The current nominees still need to be confirmed by the U.S. Senate, and once approved, these cabinet members will take office after Trump's official inauguration. Trump nominated Scott Bessent as the Treasury Secretary Earlier today (23rd), Trump officially nominated Hedging fund manager Scott Bessent as the new Treasury Secretary. It is understood that Bessent is the founder of Key Square Group, and previously served as the investment chief of Soros Fund Management, playing a crucial role in successful trades that involved shorting the pound and yielding profits exceeding 1 billion U.S. dollars. Trump stated during the nomination announcement that Bessent's support for the 'America First' agenda, as well as his stance on imposing tariffs on imported goods, will help enhance America's economic competitiveness. At the same time, he is a supporter of tax reduction and regulatory relaxation, advocating for promoting bank loans and energy production. Bessent's nomination has sparked interest in the market, with investors expecting him to bring stability to the U.S. bond market and help alleviate concerns about increasing federal deficits. In an interview with Bloomberg in August, he mentioned that tackling U.S. national debt should be a top priority, including cutting government projects and other expenses. This election is America's last chance to avoid becoming a socialist democracy like those in Europe and to get rid of massive debt. Trump's nomination of Bessent is not surprising, as he previously served as Trump's chief economic advisor and was one of the leading candidates for Treasury Secretary. During an event at the Detroit Economic Club in October, Trump referred to Bessent as 'one of the top Wall Street analysts.' Scott Bessent supports Crypto Assets Notably, Bessent is widely regarded as a supporter of Crypto Assets. In an interview with Fox Business in July, he expressed excitement about Trump embracing Crypto Assets, as it aligns well with the spirit of the Republican Party. He stated, 'Cryptocurrency symbolizes freedom, and the existence of encryption in the economy is long-term and inevitable.' Bessent also supports the idea of categorizing BTC as a national strategic reserve asset, believing it could be a wise move. He mentioned at the time, 'I believe that the various possibilities of BTC are worth considering.' Bessent emphasized that integrating Crypto Assets into the U.S. economic system is a key way to reconnect with the 'disappointed traditional market' and pointed out, 'Crypto Assets are attracting young people and groups who have not previously participated in the market, enabling the operation of the American market culture and giving people belief in a system that serves them, which is the essence of capitalism.' Additionally, he also supports Trump's efforts to reduce regulations on Crypto Assets and digital assets. Furthermore, Matthew Sigel, the head of digital asset research at VanEck, once pointed out that if Bessent takes office, he will become the first Treasury Secretary in the United States to support Crypto Assets. Other cabinet members nominated by Trump In addition to Bessent, Trump has also nominated other cabinet members, including Russell Vought as the Director of the Office of Management and Budget, Lori Chavez-DeRemer as the Secretary of Labor, Howard Lutnick as the Secretary of Commerce, and Marco Rubio as the Secretary of State, etc. Related reports Trump applies for new trademark 'TruthFi', involving digital Wallet, encryption payments, and asset management. Trump's Cryptocurrency Advisory Committee will assist in establishing a BTC reserve in the U.S. Musk revealed: Bezos predicted Trump's defeat before the election! Causing TSL dumping and SpaceX stocks. <Trump nominates Bessent as the U.S. Treasury Secretary, what is his stance on Crypto Assets and support for BTC reserves?> This article was first published on BlockTempo, the most influential blockchain news media on the move.