TechFlow news, according to CoinDesk, the U.S. Senate confirmed hedge fund billionaire Scott Bessent as Treasury Secretary by a vote of 68-29. Bessent will succeed former Treasury Secretary Janet Yellen and become the top financial official in the Trump administration.
Notably, Bessent had previously invested his personal assets in Bitcoin ETFs but sold off these digital assets after receiving the nomination. During his confirmation hearing, he clearly stated his opposition to issuing a dollar CBDC—a position welcomed by the crypto industry.
Under Trump's executive order, the Treasury Department led by Bessent must submit a report on existing regulatory changes within two months and propose regulatory legislation recommendations within six months. Senate Finance Committee Chairman Mike Crapo described Bessent as "one of the sharpest minds in global finance."
