President-elect Donald Trump will be sworn in as president on January 20 next year, and has recently nominated key positions such as the Secretary of the Treasury, Secretary of State, and Secretary of Defense, among others. The nominees still need to be confirmed by the U.S. Senate, and once approved, these cabinet members will take office with Trump.
Trump Nominates Scott Bessent as Treasury Secretary
Earlier today (23rd), Trump has officially nominated hedge fund manager Scott Bessent as the new Treasury Secretary.
Bessent is the founder of Key Square Group and was previously the Chief Investment Officer of Soros Fund Management, where he played a key role in successfully shorting the British pound, earning over $1 billion.
In announcing the nomination, Trump stated that Bessent's support for the "America First" agenda and his stance on imposing tariffs on imported goods will help enhance the economic competitiveness of the U.S. He is also a proponent of tax cuts and deregulation, advocating for promoting bank lending and energy production.
Bessent's nomination has garnered market attention, with investors expecting him to bring stability to the U.S. bond market and help alleviate concerns over the growing federal deficit. In August, he told Bloomberg that tackling the U.S. national debt should be a priority, including cutting government programs and other spending.
This election is the last chance for America to avoid becoming a socialist democratic country like Europe and to get out of massive debt.
Trump's nomination of Bessent is not surprising, as he previously served as Trump's chief economic advisor and was considered a top contender for the Treasury Secretary position. In an event at the Detroit Economic Club in October, Trump referred to Bessent as "one of the top Wall Street analysts".
Scott Bessent Supports Cryptocurrencies
Notably, Bessent is widely regarded as a supporter of cryptocurrencies. In an interview with Fox Business in July, he stated:
"I'm excited about (Trump) embracing cryptocurrencies because it's very much in line with the Republican spirit. Cryptocurrencies represent freedom, and the existence of the crypto economy is going to be long-lasting and inevitable."
Bessent also supports the idea of listing Bitcoin as a national strategic reserve asset, believing it could be a wise move. He said at the time: "I think the various possibilities of Bitcoin are worth considering."
Bessent emphasized that integrating cryptocurrencies into the U.S. economic system is a key way to reconnect with "groups disappointed with traditional markets." He further stated:
"Cryptocurrencies are attracting young people and groups that have not previously participated in the markets, allowing the culture of the American market to function and making people believe there is a system that serves them, which is the core spirit of capitalism."
Additionally, he supports Trump's efforts to reduce regulation on cryptocurrencies and digital assets.
Furthermore, VanEck's Digital Asset Research Head Matthew Sigel has previously written that if Bessent takes office, he will become the first pro-crypto Treasury Secretary in America.
Scott Bessent Treasury Secretary Odds Surpass 50%!
(Would be America's First Pro-Crypto Treasury Secretary) pic.twitter.com/IrJi9ckKMD
— matthew sigel, recovering CFA (@matthew_sigel) November 8, 2024
Other Cabinet Members Nominated by Trump
In addition to Bessent, Trump has also nominated other cabinet members, including Russell Vought as Director of the Office of Management and Budget, Lori Chavez-DeRemer as Secretary of Labor, Howard Lutnick as Secretary of Commerce, and Marco Rubio as Secretary of State.
