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coinpedia 2025-01-13 05:46:29

Trump’s Treasury Pick Scott Bessent Moves to Divest Bitcoin to Avoid Conflict of Interest

The post Trump’s Treasury Pick Scott Bessent Moves to Divest Bitcoin to Avoid Conflict of Interest appeared first on Coinpedia Fintech News Scott Bessent, President-elect Donald Trump’s pick for Treasury Secretary, plans to liquidate several of his investments, including holdings in Bitcoin exchange-traded funds (ETFs), to avoid possible conflicts of interest if confirmed. Bessent, a billionaire hedge fund manager, filed his ethics agreement and financial disclosures ahead of his upcoming Senate confirmation hearing. As reported by The New York Times, disclosure revealed assets worth over $700 million , including between $250,000 and $500,000 in Bitcoin ETF investments. Bessent, who previously worked for billionaire philanthropist George Soros, has pledged to sell his investments in various funds, trusts, and other holdings to ensure there are no conflicts if confirmed as Treasury Secretary. In addition to Bitcoin-related assets, Bessent disclosed other investments that could pose conflicts, such as a margin loan with Goldman Sachs and a stake in the conservative publisher All Seasons. To comply with ethics requirements, Bessent has committed to avoiding any financial interests that might interfere with his duties at the Treasury Department. Bessent’s latest hedge fund, Key Square Capital, was launched in 2016 with $4.5 billion in funds, including $2 billion from George Soros. However, it now manages much less money. Bessent’s previous fund, from the early 2000s, also had disappointing results. As Treasury Secretary, Bessent would be tasked with managing the federal debt while navigating Trump’s plans to extend expiring tax cuts and eliminate taxes on Social Security benefits. He is a strong proponent of tax reform and deregulation, aiming to boost bank lending and energy production. Bessent has also hinted at support for a strong U.S. dollar policy under the new administration.