After weeks of intense speculation, incoming US President Donald Trump has named Scott Bessent his Treasury Secretary pick. The drawn-out selection process has attracted many popular names, including Howard Lutnick of Cantor Fitzgerald, former Federal Reserve governor Kevin Warsh, and billionaire Marc Rowan. In the end, Trump went for Bessent, and this decision immediately garnered approval from different sectors.
Ripple’s CEO Brad Garlinghouse is one of the first personalities to laud the president’s pick, calling incoming Secretary Bessent “a perfect choice.” Many experts have long expected Bessent’s nomination, thanks to his pro-innovation stance on economic policies.
What Bessent’s Nomination Means To Crypto
Scott Bessent has extensive experience in the financial sector and founded the hedge fund Key Square Management. Before founding his own company, Bessent worked for Jim Chanos and George Soros and is known for his advocacies for tax reform, conservative trade policies, and deregulation.
I don’t want to get too far ahead of myself but…
Scott Bessent is the perfect pick by @realdonaldtrump!
He will be the most pro-innovation, pro-crypto Treasury Sec we’ve ever seen
— Brad Garlinghouse (@bgarlinghouse) November 23, 2024
Bessent’s nomination as the next Treasury secretary has been generally received positively by the market, including the crypto industry. Like the Securities and Exchange Commission (SEC), the Treasury secretary also has a say in regulating digital assets.
Ripple’s CEO Reacts To Treasury Sec Pick
Minutes after Trump’s nomination of Bessent, the crypto community immediately shared their thoughts, with Garlinghouse hinting at what the community can expect. Ripple’s CEO called Besset the perfect choice for the position. Garlinghouse added that incoming secretary Bessent can become the most crypto-friendly secretary of the Treasury Department.
Garlinghouse expects Bessent to work towards friendly crypto policies. As Ripple’s CEO, he has long advocated for pro-cryptocurrency rules and regulations and actively collaborated with policymakers to create a favorable environment for digital assets.
Last week, multiple reports indicated that Garlinghouse had a meeting with Trump. While Garlinghouse did not deny or confirm the report, he liked a post about the supposed meeting.
Crypto Community Looks Ahead And Waits For Next SEC ChairWith Bessent already locking the Treasury secretary post, the crypto community is now looking ahead and waiting for the SEC pick. Like the Treasury secretary, the next SEC chairman will play a pivotal role in regulating digital assets. Ripple is one of those crypto companies that’s closely watching these developments.
With chair Gary Gensler announcing his exit by January 20th and commissioner Jaime Lizárraga making the same announcement, the crypto industry can expect plenty of changes. Trump is expected to nominate a pro-crypto chair and form a crypto advisory council.
Featured image from ABC News, chart from TradingView
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