President-elect Donald Trump has nominated prominent hedge fund manager Scott Besant, known for his pro-cryptocurrency stance, to serve as the next Treasury secretary, multiple news outlets reported late Friday.
Bessant, the founder of Key Square Group, was a prominent economic adviser to the Trump campaign and is expected to play a major role in shaping the administration's economic policy. Among other things, he is a supporter of Trump's plan to create a strategic bitcoin reserve.
In the year Born in 1962 in Conway, South Carolina, Scott Besant graduated from Yale University in 1984. He began his career in finance at Brown Brothers Harriman and later joined Kynikos Associates. In the year In 1991, Bessant became a managing partner of the Soros Fund, where he played a key role in the firm's famous British pound.
In the year After leaving the management of the Soros Fund in 2000, Besant founded and managed a $1 billion hedge fund until 2005. He also served as a senior investment advisor at Protégé Partners. In the year In 2011, Besant returned to the position of chief investment officer of Soros Fund Management. It lasted until 2015. That same year, he founded Key Square Group, an international macro investment firm.
Pro-cryptocurrency advocacy
Besant is an outspoken advocate for cryptocurrencies, seeing them as critical to the future of finance. He expressed optimism about the role of digital assets in promoting financial freedom and innovation. His pro-crypto stance aligns with the administration's desire to integrate digital currencies into the broader economic framework.
He supported both Democratic and Republican candidates. In the year In 2000, he organized a fundraiser for Vice President Al Gore's presidential campaign. More recently, he has been a significant donor and advisor to President Trump's campaign, contributing more than $2 million and providing economic policy guidance.
Besant's nomination is subject to Senate confirmation. If confirmed, he will be responsible for implementing the administration's economic agenda, including tax reforms and policies related to digital currencies. His extensive experience in finance and investment is expected to influence the Treasury Department's approach to emerging financial technologies.
Initial reaction to X was overwhelmingly positive from all corners, with some praising Bessant's financial experience and acumen and others pointing out that Bessant was Trump's first and most openly gay Cabinet nominee.
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