In light of President-elect Donald Trump’s upcoming administration, Scott Bessent, founder and CEO of Key Square Group, is being considered for the position of United States Treasury Secretary. Bessent has a notable history of advocating for cryptocurrency, specifically Bitcoin, which aligns with the growing interest of the Republican Party in digital finance.
Bessent’s Pro-Crypto Position
Fox Business journalist Eleanor Terrett recently reported that Scott Bessent has made several statements underscoring his support for cryptocurrencies. His views suggest that he sees a positive role for these digital assets within the framework of the Republican Party. Bessent remarked, “I have 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,” according to Terrett’s citation.
Additionally, Bessent has highlighted Bitcoin’s potential in fostering a “market culture” in the United States, asserting that it instills confidence in users by creating a belief in a “system that works for them.” He further elaborated on Bitcoin’s appeal to a younger demographic, stating, “One of the most exciting things about Bitcoin is that it brings in young people and those who have not participated in markets before.”
Trump’s Cabinet Decisions
As Trump deliberates on his administration’s make-up, there is a sense of optimism within the cryptocurrency community regarding the potential for a Cabinet that supports crypto-friendly policies. Bessent, who has been an advisor in Trump’s 2024 presidential campaign, has emerged as a leading candidate for the Treasury Secretary role after another potential nominee, billionaire donor John Paulson, opted out of consideration. Paulson cited his “complex financial obligations” as a reason for stepping back from the nomination process.
Reports indicate that Bessent recently met with Trump at the Mar-a-Lago estate in Florida, with sources claiming that discussions between the two were very positive. This meeting has contributed to his rising profile among candidates for the Treasury position.
Current Betting Odds and Other Contenders
Currently, Bessent is viewed as the frontrunner for the Treasury Secretary position, with a significant 89 percent chance of being selected according to the decentralized prediction market Polymarket. In contrast, Cantor Fitzgerald CEO Howard Lutnick holds a distant second with just 7 percent of the potential vote. Other candidates in the mix include former SEC Chair Jay Clayton and Robert Lighthizer, who served as U.S. Trade Representative during Trump’s previous administration; however, both have garnered only 2 percent each from Polymarket bettors.
As Trump prepares for his inauguration in January, formal announcements regarding his administration’s appointments, including that of Treasury Secretary, are expected to follow soon.