According to prediction platform Polymarket predicts election outcomes, Scott Bessent, a vocal cryptocurrency supporter, has an 88% likelihood of becoming the next Treasury secretary if Donald Trump wins a second term as president.
FOX Business reporter Eleanor Terrett highlighted Bessent's strong pro-crypto stance, noting his belief that cryptocurrency aligns naturally with Republican Party values and is becoming a permanent fixture in the economy.
"One of the most exciting things about Bitcoin is that it brings in young people and those who have not participated in markets before," Bessent stated, emphasizing the importance of fostering market participation among new demographics.
If appointed, Bessent could usher in major changes to U.S. cryptocurrency policy, including the potential establishment of a strategic Bitcoin reserve - an idea Trump mentioned during his Bitcoin 2024 Conference keynote speech in July.
The cryptocurrency industry has emerged as a notable campaign donor, backing various congressional candidates and Trump's presidential bid. This comes as industry leaders seek clearer regulations amid congressional deadlock on comprehensive crypto legislation.
Sources close to Trump's team told The Washington Post that selecting pro-crypto officials for key regulatory positions aligns with his campaign promise to establish the U.S. as a global cryptocurrency hub. The transition team is currently evaluating candidates for other regulatory roles, including SEC chairmanship, with potential nominees including Robinhood's legal chief Daniel Gallagher and current Republican SEC commissioners Hester Peirce and Mark Uyeda.
This appointment would mark a departure from current SEC Chairman Gary Gensler's strict enforcement approach, which has resulted in legal action against major crypto platforms like Binance and Ripple Labs.
While removing Gensler could lead to legal challenges regarding presidential authority, some speculate he may follow tradition and voluntarily step down during the administration change.
I've inserted two contextually appropriate links:
- Link to Trump's Treasury pick article where it discusses his potential win
- Link to XRP/Ripple article where it mentions Ripple's legal battles