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The Crypto Basic 2024-11-23 06:02:46

Ripple CEO Reacts as Donald Trump Nominates Billionaire Hedge Fund Manager as Treasury Secretary

Ripple’s CEO Brad Garlinghouse expresses optimism regarding the nomination of Scott Bessent as the United States Treasury Secretary. In a pivotal move, U.S. President-Elect Donald Trump nominated investor Scott Bessent to serve as Treasury Secretary under his administration. Bessent Profile Bessent’s nomination has been among the most anticipated over the past few days due to his market-savvy and pro-innovation approach to economic policies. His entire career has been in the finance sector, working for Jim Chanos and George Soros and running his own hedge fund, Key Square Capital Management. He is known to advocate for cautious trade policies, tax reform, and deregulation. Prior to Bessent’s nomination, other high-profile candidates, such as investors John Paulson and former Federal Reserve Governor Kevin Warsh, were among those considered to fill the position. However, the U.S. President-elect nominated Bessent for the position. Significance of Treasury Department to Crypto Bessent’s appointment has garnered significant attention in the financial market, including crypto. The Treasury Secretary nomination holds significant importance from a crypto perspective. The Treasury Department significantly influences the future of the U.S. crypto industry, determining how the sector should be regulated. Ripple CEO Reacts Following Bessent’s appointment, top crypto stakeholders have been reacting to the move, with Ripple CEO providing a hint of what the industry should expect. Garlinghouse referred to Bessent as the perfect choice for the Treasury Department. The Ripple CEO emphasized that the billionaire hedge fund manager will become the most pro-crypto and pro-innovation Treasury Secretary the industry has ever seen. This suggests that Garlinghouse believes Bessent will support favorable policies that could foster the growth of crypto. For context, Garlinghouse has been an advocate for pro-crypto regulations, actively engaging with lawmakers to promote a favorable regulatory framework. Last week, reports suggested that Garlinghouse met with Donald Trump after the election. Although he did not directly confirm the meeting during an interview on FOX Business, the Ripple CEO liked a post about it. Crypto Enthusiasts Anticipating Who Will Serve as Next SEC Chair Meanwhile, with Trump nominating Bessent for Treasury Secretary, crypto enthusiasts are closely observing who would fill the role of the SEC chair under his administration. Like the Treasury Department, the SEC also significantly influences crypto regulation, as its policy could decide the industry’s future throughout Trump’s reign as president. With Gary Gensler announcing plans to resign as SEC Chair on January 20, Trump will have to nominate a new chairperson from a list of high-profile candidates, including pro-crypto lawyer Teressa Goody Guillen and Robinhood’s CLO Dan Gallagher.

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