President-elect Donald Trump has picked Scott Bessent as the new Treasury Secretary. Ripple’s CEO called him “the perfect pick” for advancing crypto and innovation.

‘He Will Be the Most Pro-Innovation, Pro-Crypto Treasury Secretary We’ve Ever Seen’

President-elect Donald Trump has nominated Scott Bessent, known for his support of cryptocurrency innovation, to replace Janet Yellen as the 79th U.S. Treasury Secretary.

“Scott has long been a strong advocate of the America First Agenda. On the eve of our great country’s 250th anniversary, he will help me usher in a new golden age for the United States, as we fortify our position as the world’s leading economy, center of innovation and entrepreneurialism, destination for capital, while always, and without question, maintaining the U.S. dollar as the reserve currency of the world,” Trump detailed, adding:

We will ensure that no Americans will be left behind in the next and greatest economic boom, and Scott will lead that effort for me, and the great people of the United States of America.

“My Administration will restore freedom, strength, resilience, and efficiency to our capital markets. We will reinvigorate the private sector, and help curb the unsustainable path of federal debt,” the President-elect further shared.

Bessent is an investor, philanthropist, and educator, known as the founder and CEO of Key Square Group, an investment management firm. He has over 35 years of experience in finance, with a notable history in hedge fund management, including significant trades like shorting the British pound.

His nomination is well-received by the crypto community. Ripple CEO Brad Garlinghouse wrote on social media platform X on Friday:

I don’t want to get too far ahead of myself but… Scott Bessent is the perfect pick by Donald Trump. He will be the most pro-innovation, pro-crypto Treasury Sec we’ve ever seen.

Bessent has expressed strong support for cryptocurrencies, particularly bitcoin, stating in an interview with Fox News earlier this year: “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.” Bessent has also highlighted BTC’s role in engaging young investors and those previously uninvolved in markets, emphasizing its importance in fostering a market culture in the U.S.