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SENATE CONFIRMS PRO-CRYPTO SCOTT BESSENT AS US TREASURY SECRETARY
As US Treasury secretary, billionaire hedge fund manager Scott Bessent will have sway over fiscal policy, financial regulations, international sanctions and overseas investments.
The US Senate has confirmed Donald Trump’s pick for US Treasury secretary, billionaire hedge fund manager Scott Bessent.
On Jan. 27, the Senate voted 68 to 29 to confirm Besset, with 16 Democrats supporting the nomination.
Ripple CEO Brad Garlinghouse congratulated Bessent on X, adding that he was “confident he’ll enact common-sense economic policies, working with the Administration and Congress to grow US tech and crypto innovation.”
As Treasury secretary, Bessent will have influence over the nation’s tax collections and its $28 trillion Treasury debt market. He will also have sway over fiscal policy, financial regulations, international sanctions, and overseas investments.
The 62-year-old Tennessee lawmaker strongly supports Trump’s economic agenda, including the renewal of $4 trillion in expiring tax cuts, the implementation of tariffs, and increased oil production. He also pushed back against the idea that Trump’s policies would be inflationary, Reuters reported.
During his confirmation hearing, Bessent said that government spending was “out of control.”
Bessent is known to be pro-crypto and against the notion of a central bank digital currency along with President Trump. “I see no reason for the US to have a central bank digital currency,” he said in a Jan. 16 Senate Finance Committee hearing.
He’s also said a central bank digital currency is for countries that have “no other investment alternatives” and are “doing it out of necessity.”
Bessent told Fox Business in July that he has “been excited about the president’s embrace of crypto, and I think it fits very well with the Republican Party. Crypto is about freedom, and the crypto economy is here to stay.”
Under Trump’s Jan. 23 crypto executive order, the Treasury will take a role in the governmental working group to hash out the strategy for US crypto policy.
Trump’s AI and crypto czar David Sacks, and the chairs of the Securities and Exchange Commission and the Commodity Futures Trading Commission will also form part of the working group.
@ Newshounds News™
Source: CoinTelegraph
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CFTC ACTING CHAIR PHAMS CALLS ROUNDTABLE TO TACKLE CRYPTO ISSUES
Caroline Pham said the CFTC would “get back to basics” by hosting a series of roundtable talks with crypto industry leaders to address regulatory pain points.
On Jan. 27, Caroline Pham, acting chair of the Commodity Futures Trading Commission, said that the regulator plans to engage with digital asset stakeholders to discuss market structure and prediction markets as the U.S. pivots toward greater crypto adoption.
According to Pham, the CFTC “must take a forward-looking approach” to resolve conflicts of interest and policy gaps left by the previous administration.
Innovation and new technology has created a renaissance in markets that presents new opportunities that are accessible to more people, as well as risks. The CFTC will get back to basics by hosting staff roundtables that will develop a robust administrative record with studies, data, expert reports, and public input. ~ Caroline Pham, acting CFTC chair
Pham’s decision to include prediction markets in the roundtables could reignite speculation over the CFTC’s stance on the sector. Previously, former chair Rostin Behnam criticized prediction markets, declaring them harmful to public interest.
Prediction markets like Polymarket and Kalshi gained prominence toward the end of last year. These platforms, which allow users to wager on real-world outcomes, became popular sources of electoral data, accurately predicting the winner of the general elections and several other races.
The CFTC previously sued Kalshi to halt its political betting contracts, initially winning in court. However, Kalshi eventually secured court approval to list its presidential outcome markets for U.S. customers. Notably, Polymarket remained unavailable to American users at the time of publication.
The roundtable discussions will occur over several months to align agency mandate with industry development, Pham said in her CFTC-issued statement.
Pham was selected to head the regulatory by President Donald Trump last week as part of the first official steps to overhaul anti-crypto sentiment entrenched in U.S. market watchdogs.
While she is acting chair, Behnam will formally leave the commission on Feb. 7. Trump’s preferred nominee to succeed Behnam has not yet been announced, and it is unclear how long Pham will serve as acting chair.
@ Newshounds News™
Source: Crypto News
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