Scott Bessent To Divest Assets Amid Treasury Secretary Nomination

According to CoinDesk, billionaire hedge fund manager Scott Bessent, nominated by President-elect Donald Trump for the position of Treasury Secretary, is set to divest several assets to prevent potential conflicts of interest. This decision includes selling his investments in bitcoin exchange-traded funds (ETFs), as reported by The New York Times. Bessent, who previously worked with billionaire philanthropist George Soros, submitted the necessary ethics agreement and financial disclosures on Saturday in preparation for his Senate confirmation. These documents reveal that Bessent holds assets and investments exceeding $700 million, with his BTC ETF holdings valued between $250,000 and $500,000, according to media sources. Among other significant investments that could pose conflicts of interest are a margin loan exceeding $50 million with Goldman Sachs, an account for trading China's currency, and a stake in the conservative publisher All Seasons. In a letter to the ethics office, Bessent assured that he would "avoid any actual or apparent conflict of interest" if confirmed as the Secretary of the Department of Treasury. If confirmed, Bessent, known for his pro-crypto stance, will face the complex challenge of managing the growing federal debt amidst Trump's plans to extend expiring tax cuts and eliminate taxes on social security benefits. Bessent is a proponent of tax reform and deregulation, particularly to enhance bank lending and energy production. In October of the previous year, he expressed that the new Trump administration would likely advocate for a strong dollar, consistent with Washington's long-standing policy.