After weeks of intense speculation, the next US president, Donald Trump, has been named Scott Besent chose the Chancellor of the Exchequer. The lengthy selection process has attracted many popular names, including Cantor Fitzgerald’s Howard Lutnick, former Federal Reserve Governor Kevin Warsh, and billionaire Mark Rowan. In the end, Trump chose Besent, and the decision immediately received cross-industry approval.
Ripple CEO Brad Garlinghouse is one of the first figures to praise the president’s choice, calling incoming Minister Besant “the perfect choice.” Many experts have long predicted Besant’s nominationThis is thanks to his pro-innovation stance in economic policies.
What does Becent’s nomination mean for cryptocurrencies?
Scott Besant has extensive experience in the financial sector and founded the hedge fund Key Square Management. Before starting his own company, Besant worked for Jim Chanos and George Soros and is known for his company Tax reform advocatesConservative trade policies and deregulation.
I don’t want to get too ahead of myself, but…
Scott Besant is the perfect choice @RealDonaldTrump!
He will be the most pro-innovation and pro-crypto Treasurer we have ever seen
– Brad Garlinghouse (@bgarlinghouse) November 23, 2024
Besent’s nomination as the next Secretary of the Treasury has been generally received positively by the market, including the cryptocurrency industry. Like the Securities and Exchange Commission (SEC), the Secretary of the Treasury also has a say in the regulation of digital assets.
Ripple CEO reacts to Treasury selection
Minutes after Trump nominated Besant, the cryptocurrency community immediately shared its thoughts, with Garlinghouse hinting at what the community can expect. The Ripple CEO described Besset as the perfect choice for the position. Garlinghouse added that Besant could become the next secretary The most crypto-friendly secretary From the Ministry of Treasury.
Garlinghouse expects Bessent to work on friendly crypto policies. As CEO of Ripple, he has long advocated pro-crypto rules and regulations and actively cooperated with policymakers to create a favorable environment for digital assets.
Last week, multiple reports indicated that Garlinghouse held a meeting with Trump. While Garlinghouse did not deny or confirm the news, he liked a post about the supposed meeting.
The cryptocurrency community is looking forward and waiting for the next Chairman of the SEC
With Bescent already secured the Treasury Secretary position, the cryptocurrency community is now looking ahead and awaiting the SEC’s selection. Like the Secretary of the Treasury, the next SEC Chairman will play a pivotal role in regulating digital assets. Ripple is one cryptocurrency company that is closely monitoring these developments.
With Chairman Gary Gensler announcing his exit by January 20 and Commissioner Jaime Lizarraga making the same announcement, the cryptocurrency industry can expect a lot of changes. Trump is expected to nominate a pro-crypto president and form a cryptocurrency advisory board.
Featured image from ABC News, chart from TradingView