The US Senate confirmed Scott Bessent as Treasury Secretary following a vote on Jan. 27, with 68 votes in favor and 29 against.

Nominated by President Donald Trump, Bessent succeeds Janet Yellen.

A hedge fund manager and advocate for cryptocurrency, he opposes a US central bank digital currency.

As Treasury Secretary, Bessent will join the Presidential Working Group on Digital Asset Markets, focusing on federal regulations for digital assets, including stablecoins.

It will also consider the potential creation of a strategic national digital assets stockpile.

Bessent supports Trump-era policies like tax cuts and increased oil production.

Report suggest he may propose a universal tariff on US imports, starting at 2.5% and possibly rising to 20%.