The Senate approved his nomination on Monday with a 68-29 vote, following his selection by President Donald Trump last November.

A Pro-Crypto Treasury Secretary

Bessent, a billionaire hedge fund manager, has long been an advocate for crypto, viewing digital assets as a tool for financial freedom. His confirmation signals a potential transformation in the government’s approach to digital assets, particularly given his opposition to central bank digital currencies (CBDCs).

“In my mind, a central bank digital currency is for countries who have no other investment alternatives,” Bessent previously stated, reinforcing his belief that the U.S. should not pursue a CBDC.

Influence on Crypto Regulation

As Treasury Secretary, Bessent will be instrumental in shaping federal regulations for digital assets. He will serve on Trump’s newly established Presidential Working Group on Digital Asset Markets, which aims to create a comprehensive regulatory framework for crypto, including stablecoins.

This group was reportedly formed under an executive order signed by Trump last week, underscoring the administration’s intent to overhaul crypto regulations. Given Bessent’s background and policy stance, the industry expects a more favorable approach to digital assets, possibly reducing restrictions imposed during previous administrations.

Tariffs and Economic Policy

Beyond crypto, Bessent is aligned with Trump’s broader economic agenda, which includes tax cuts and increased tariffs. Reports suggest he may introduce a universal 2.5% tariff on U.S. imports, with potential increases up to 20% over time.

His approach to economic policy will likely draw scrutiny from both political and business sectors, especially as the U.S. navigates ongoing trade negotiations and global economic shifts.

Industry Reactions

Supporters of Bessent’s nomination, including Ripple CEO Brad Garlinghouse, have expressed confidence in his leadership, particularly in fostering growth within the crypto and tech sectors. However, his tenure will be closely watched, especially as regulatory clarity for crypto assets remains a key issue for U.S. markets.

With a pro-crypto figure now leading the Treasury Department, the coming months could bring significant changes to how digital assets are regulated and integrated into the U.S. financial system.