Bitcoin lover Scott Bessent confirmed as US Treasury Secretary

Scott Bessent, billionaire hedge fund manager and outspoken crypto lover, has been confirmed as the next US Treasury Secretary by the Senate on Jan. 27.

The vote ended with 68 in favor and 29 opposed, giving President Donald Trump a powerful ally in executing his economic reforms, as well as crypto-friendly policies.

Scott’s gonna step into one of the most influential roles in the US government, charged with managing public debt, overseeing tax policy, and driving Trump’s aggressive agenda of tax cuts, deregulation, and trade rebalancing.

Scott’s confirmation comes at a critical time for Washington, where sweeping changes are already underway. During his Senate hearing on Jan. 16, he made it clear that his mission was to implement policies that will transform the country’s economy.

The 61-year-old Wall Street giant wasted no time championing one of the Trump administration’s most controversial projects: Elon Musk’s Department of Government Efficiency (D.O.G.E).

Scott Backs Elon’s DOGE Initiative

Speaking at his confirmation hearing, Scott called the D.O.G.E department “absolutely essential” for Trump’s broader economic strategy. According to president Trump’s executive order for it, D.O.G.E is gonna cut a third of the federal budget by July 2026.

Critics like JPMorgan CEO Jamie Dimon say that D.O.G.E is a direct threat to career civil servants, who worry about the program’s potential to disrupt jobs.

Details of the department’s deployment plan were leaked just days before the hearing, earning Elon a ton of backlash among lawmakers and average Americans alike. For many, D.OG.E feels more like a corporate takeover of public administration than a legit government initiative.

Senator Warren pressures Scott Bessent over crypto stance

Meanwhile, on Jan. 13, anti-crypto Senator Elizabeth Warren grilled Scott on his approach to crypto regulation, which she described as “alarmingly vague.”

In a 31-page letter sent ahead of the hearing, Warren demanded answers about Scott’s plans for overseeing crypto markets, regulating stablecoins, and fighting illicit financial activities tied to digital assets.

Warren asked if Scott if he thought the Treasury’s Office of Foreign Assets Control (OFAC) should have authority over stablecoins in cases involving money laundering or US sanctions evasion.

During the hearing, Scott doubled down on his belief in crypto’s transformative potential. “Crypto is about freedom. It’s about giving people control over their own finances in a way that traditional systems simply can’t. And it’s not going anywhere,” he said.

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