Trump Treasury Scott Bessant Moves to Dive Bitcoin to Avoid Conflict of Interest

Scott Bessant, President-elect Donald Trump's choice for Treasury secretary, plans to liquidate several of his investments, including those in Bitcoin exchange-traded funds (ETFs), to avoid conflicts of interest. Besant, a billionaire hedge fund manager, has filed an ethics agreement and financial disclosures ahead of his upcoming Senate confirmation hearing.

According to The New York Times, the disclosure revealed assets worth more than $700 million, including between $250,000 and $500,000 in Bitcoin ETF investments. Bessant, who previously worked for billionaire philanthropist George Soros, has pledged to sell his investments in funds, trusts and other holdings to avoid conflicts if he is confirmed as Treasury secretary.

In addition to Bitcoin-related assets, Bessant has announced other investments that could pose potential conflicts, such as a margin loan with Goldman Sachs and a stake in conservative publisher All Seasons. In order to comply with ethical requirements, Besant has decided to remove any financial interests that would interfere with his work at the Treasury Department.

Besant's latest hedge fund, Key Square Capital, launched in 2016 with $4.5 billion in funding, including $2 billion from George Soros. However, now he manages much less money. Besant's previous fund from the early 2000s also had disappointing results.

As Treasury secretary, Bessant has spearheaded Trump's plan to extend overdue tax cuts and eliminate taxes on Social Security benefits, reducing the federal debt. He will be responsible for management. He is a proponent of tax reform and regulation aimed at boosting bank lending and energy production. Besant also hinted that he would support a strong US dollar policy under the new administration.