Scott Bessent Named New US Treasury Secretary
The cryptocurrency landscape in the United States might be on the verge of transformation as Scott Bessent, the founder of Key Square Group, is poised to take the helm as the next US Treasury Secretary. President Donald Trump has made this strategic appointment, recognizing Bessent’s extensive experience on Wall Street and his notable collaboration with George Soros. Furthermore, Bessent’s early endorsement of Trump’s 2024 campaign signifies a shared vision for the future.
Bessent has consistently championed the idea of establishing a Strategic Bitcoin Reserve, aligning with Trump’s America First agenda. Trump’s announcement on Truth Social highlighted Bessent’s potential to drive policies that enhance U.S. competitiveness and address trade imbalances. In a move to revitalize the American workforce, Trump also nominated Congresswoman Lori Chavez-DeRemer as the U.S. Labor Secretary, aiming to boost wages and bring manufacturing jobs back to the country.
Ripple CEO: Bessent A Perfect Choice
Ripple CEO Brad Garlinghouse has expressed his enthusiastic support for Scott Bessent’s appointment as the U.S. Treasury Secretary. Through a tweet, Garlinghouse lauded Bessent as the ideal candidate to foster innovation and bolster the cryptocurrency domain. He emphasized this sentiment by saying, “Scott Bessent is the perfect pick by @realdonaldtrump! He will be the most pro-innovation, pro-crypto Treasury Sec we’ve ever seen.” With Bessent at the Treasury’s helm, Garlinghouse foresees a favorable environment for the growth of the crypto industry.
Bessent’s deep understanding of digital currencies positions him as a leader who could spearhead progressive regulations. Garlinghouse is optimistic that Bessent’s pro-crypto stance could lead to groundbreaking policies, potentially reshaping the regulatory landscape for digital currencies.
Gary Gensler to Resign from SEC
As the cryptocurrency community digests news of Scott Bessent’s appointment, another significant development is on the horizon. Gary Gensler, the SEC Chair, announced his intention to resign in January 2025. This announcement has sparked widespread speculation about the outcome of the ongoing Ripple vs. SEC lawsuit. Pro-XRP lawyer Jeremy Hogan recently projected that the case could reach a resolution by spring or early summer of 2025.
Following Gensler’s announcement, the XRP market experienced a remarkable surge, with prices climbing over 60%. As of now, XRP is trading at $1.56, marking a substantial increase over the past week. This upswing is a testament to the optimism surrounding potential regulatory changes that could favor Ripple and the broader cryptocurrency sector.
