Senate confirms Scott Bessent as Treasury Secretary

The U.S. Senate has officially confirmed billionaire hedge fund manager Scott Bessent as the new Treasury Secretary, following a vote of 68 to 29.

This confirmation marks a significant moment in the Trump administration, as Bessent is known for his pro-crypto stance and strong support for Trump's economic policies.

With 16 Democrats joining the Republican majority in support of his nomination, Bessent's appointment reflects a notable level of bipartisan backing.

Ripple (CRYPTO:XRP) CEO Brad Garlinghouse expressed confidence in Bessent's ability to foster economic growth and innovation, particularly in the tech and cryptocurrency sectors.

As Treasury Secretary, Bessent will oversee critical aspects of fiscal policy, including tax collection and management of the national debt, which currently stands at $28 trillion.

He has previously emphasised the need to extend key provisions of Trump's Tax Cuts and Jobs Act before they expire at the end of 2025, warning that failure to do so could lead to economic turmoil.

During his confirmation hearing, Bessent criticised excessive government spending, asserting that it is essential to get the fiscal house in order while advocating for a 3% annual growth target.

Notably, Bessent will be the first openly gay individual to serve in this role, marking a historic milestone for representation within the Republican administration.

His previous experience includes advising Trump on economic matters during the campaign and managing investments at Soros Fund Management.

Bessent's confirmation comes amid ongoing discussions about U.S. economic strategy, including tariffs and regulatory reforms aimed at enhancing business opportunities.