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CoinDesk 2025-01-13 05:16:44

Trump's Treasury Pick to Divest Bitcoin ETF Holdings to Eliminate Conflict of Interest: Report

Billionaire hedge fund manager Scott Bessent, President-elect Donald Trump's nominee for Treasury Secretary, plans to dispose of several assets, including investment in bitcoin (BTC) exchange-traded funds (ETF), to avoid potential conflicts of interest with his new role, according to a report by The New York Times. On Saturday, Bessent, who once worked for billionaire liberal philanthropist George Soros, filed the ethics agreement and financial disclosures as required for the impending Senate confirmation, revealing assets and investments worth over $700 million. The tally includes BTC ETF holdings worth $250,000 to $500,000, according to media reports. The other key investments posing a potential conflict of interest include a margin loan of more than $50 million with Goldman Sachs, an account for trading China's currency and a stake in conservative publisher All Seasons. Bessent, in a letter to the ethics office, promised to "avoid any actual or apparent conflict of interest in the event that I am confirmed for the position of secretary of the Department of Treasury." If confirmed, the pro-crypto Bessent would face the challenging task of managing the burgeoning federal debt amid Trump's plans to extend expiring tax cuts and eliminate taxes on social security benefits. Bessent is an advocate for tax reform and deregulation, particularly to boost bank lending and energy production. In October last year, Bessent said that the new Trump administration would likely pursue a strong dollar in line with Washington's multi-decade policy.