The US crypto industry is about to get a regulatory overhaul as billionaire hedge fund manager Scott Bessent has been confirmed as the 79th US Treasury Secretary under President Donald Trump. By this bipartisan Senate vote of 68-29, sources say Bessent will now be in charge of the $28 trillion US Treasury debt market as well as financial regulation, fiscal policies and international sanctions.
Bessent has been vocal on technological innovation and economic growth, so his appointment fans hope for crypto-friendly regulations that will finally change the face of digital assets in the US. First to congratulate Bessent was Ripple’s CEO, Brad Garlinghouse, calling him a visionary with an innovation mindset.
Ripple CEO Brad Garlinghouse Hails Bessent
Well, Brad Garlinghouse, CEO of Ripple and one of the most vocal crypto regulation advocates in the world, went to X, formerly Twitter, to congratulate Bessent.
“Congrats to the newly-confirmed Treasury Secretary Scott Bessent! He’ll be an incredible leader for Americans!”
Garlinghouse added:
“I’m confident he’ll enact common-sense economic policies, working with the Administration and Congress to grow U.S. tech and crypto innovation.”
This isn’t the first time Garlinghouse has expressed support for Bessent. Back in November 2024 when Trump first nominated Bessent for the position Garlinghouse posted:
“I don’t want to get too far ahead of myself but… Scott Bessent is the perfect pick by Donald Trump. He will be the most pro-innovation, pro-crypto Treasury Sec we’ve ever seen.”
Garlinghouse is not alone in his optimism. Many in the crypto industry believe Bessent will take a practical approach to digital asset regulation and break away from the more draconian policies of previous administrations.
Bessent’s Confirmation: Turning Point for US Crypto Regulation?
Bessent’s confirmation comes at a big moment since the appointment of prior SEC Chair Gary Gensler, who many have criticized during his term for his aggressive enforcement against crypto operators. Many think it will bring much needed regulatory clarity and technological innovation in blockchain under Bessent’s watch.
This is in line with Trump’s pro-crypto stance as the administration has been pushing for enabling policies for financial innovation. With Bessent at the helm, there are a few things to watch from crypto players. Industry leaders expect the Treasury to work with the SEC and other regulators to provide clear rules for digital asset businesses. With more clarity, more financial institutions will feel comfortable actually to get into the crypto space and drive adoption.
The departure of anti-crypto officials like Gensler and the start of a new crypto-friendly leadership can also mean less restrictive regulations that have held back the industry.
All this can put the US back in the lead of global crypto innovation and reverse years of uncertainty that caused many blockchain companies to move abroad.
Trump Administration’s Pro-Crypto Shift Gains Momentum
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Bessent’s confirmation is part of a broader crypto movement within the Trump administration. The president has been saying he supports digital assets by putting industry-friendly people in key regulatory positions.
At the SEC, a crypto-friendly nominee has been appointed, and Commissioner Hester Peirce, who is pro-crypto, is leading a task force on digital asset regulations. Additionally, Acting SEC Chair Mark Uyeda recently said he’s open to cryptocurrency innovation so it looks like there may be a shift towards a more balanced regulatory approach.
Beyond the SEC, state-level Bitcoin reserves in Texas, Arizona and Utah, and other states are an emerging policy point, institutionalizing digital asset acceptance. If this trend continues, the US may get its competitive advantage back in crypto leadership at the federal level by creating innovation-friendly environments that will be attractive to startups, investors, and enterprises.
Conclusion
Bessent’s appointment as US Treasury Secretary is a big deal for the crypto space. Backed by crypto heavyweights like Brad Garlinghouse, he will likely bring pro-tech, pro-crypto policies that will change the regulatory landscape in the US.
Under Trump’s pro-crypto attitude, the industry hopes for more regulatory clarity, institutional adoption and policy reforms to put the US back in the lead of blockchain innovation.
Until policy developments come, the road ahead looks good for those who want a more open and forward-thinking regulatory approach.
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FAQs
1. Who is Scott Bessent and why is his confirmation important for crypto?
Scott Bessent is a billionaire hedge fund manager and the newly confirmed 79th US Treasury Secretary. His confirmation is big because industry leaders believe he will bring pro-crypto, pro-tech policies, more regulatory clarity, and then innovation.
2. What did Ripple CEO Brad Garlinghouse say about Bessent’s confirmation?
Brad Garlinghouse called Bessent an “incredible leader” and hopes he will bring common sense policies to help the US crypto industry grow.
3. What does Bessent’s confirmation mean for US cryptocurrency regulations?
Bessent’s confirmation means changing regulatory dynamics with crypto-friendly appointments to the SEC and the departure of Gary Gensler. His leadership will reduce regulatory uncertainty and drive institutional adoption of digital assets.
4. What is the Trump attitude towards crypto?
Pro-crypto. Meaning he’s for policies that benefit digital assets. His administration has appointed crypto-friendly regulators-a potential harbinger of clearer, more favorable regulations for the industry.
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