Scott Bessent: The Billionaire Who Might Just Save Crypto (or Not) 💸

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So, Scott Bessent, a billionaire hedge fund wizard, just snagged the Treasury Secretary gig with a nail-biting 68-29 Senate vote. Bye-bye Janet Yellen, hello crypto chaos! 🎉 His appointment is like a neon sign flashing “Hey, we might actually care about digital assets now!”

With a treasure chest of experience managing billions (yes, with a ‘B’), Bessent is basically the finance world’s version of a superhero. Senator Mike Crapo, who sounds like he should be in a buddy cop movie, called him “one of the sharpest minds in global finance.” So, you know, no pressure, Scott! 😅 His cozy relationship with President Trump’s tax-cutting, deregulating agenda helped him glide through confirmation like a hot knife through butter.

Now, here’s the kicker: Bessent’s appointment comes at a time when the U.S. is trying to figure out what the heck to do with cryptocurrency. Trump’s executive orders are like a treasure map, leading the Treasury to create a strategy for digital assets—complete with a six-month deadline. No pressure, right? 🕒

And speaking of pressure, there’s a turf war brewing! On one side, we have the Bitcoin-only brigade, and on the other, Brad Garlinghouse from Ripple Labs, who’s like, “Hey, let’s include all the cool kids in the digital asset reserve!”

“I own XRP, BTC, and ETH, along with a handful of others—we live in a multichain world,” Garlinghouse tweeted. Because who doesn’t want to be a part of a multichain world? It’s like a crypto buffet! 🍽️

Garlinghouse is pushing for XRP to be in the Digital Asset Reserve, source: X

Why Bessent Opposes CBDC?

Now, Bessent didn’t spill the beans on crypto policies during his nomination hearing, but his past investments say he’s not a total stranger to the crypto party. He once dropped over $500,000 on Bitcoin ETFs—before he decided to play it safe and divest. Classic move! 🙄

Ripple’s Garlinghouse gave Bessent a thumbs up on X (formerly Twitter), calling him a champion of innovation. Because nothing says “I care about the people” like a billionaire in a suit! 💼

Bessent is not a fan of the Federal Reserve getting cozy with a domestic Central Bank Digital Currency (CBDC). He’s like, “Why should the Fed be involved?!” And honestly, who can blame him? Meanwhile, other countries are racing ahead with their CBDC projects like it’s a marathon. 🏃‍♂️💨

“I see no reason why the Fed should be involved in creating a domestic CBDC,” said Bessent.

Bessent’s Bold Agenda: Tariffs and Taxes

But wait, there’s more! Bessent will also be the big boss of the Financial Crimes Enforcement Network (FinCEN), which is basically the crypto police. They’re cracking down on financial crimes like money laundering and human trafficking. Talk about a tough gig! 🚔

Under Bessent’s watch, the Treasury will keep throwing sanctions at foreign companies playing dirty with digital assets. It’s all about keeping America safe while the crypto world evolves. Because nothing says “national security” like a bunch of digital coins! 💰

And just when you thought it couldn’t get any more exciting, Bessent is all in on Trump’s economic agenda. He’s pushing for tax cuts, more oil production, and tariffs on imports. Rumor has it he’s planning a 2.5% universal tariff that could skyrocket to 20%. Buckle up, folks! 🚀

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2025-01-29 12:16