Trump Picks Ex-Soros CIO and Crypto Advocate Scott Bessent as Treasury Secretary

Nov 25, 2024, 08:00 AM

President-elect Donald Trump has nominated hedge fund manager Scott Bessent, founder of Key Square Group, to serve as the next U.S. Treasury Secretary. Bessent, who is openly gay, previously worked at George Soros Fund Management as Chief Investment Officer, where he contributed to significant trades, including a major bet against the British pound. An advocate for deficit reduction, Bessent plans to prioritize delivering on Trump's tax cuts and tariff pledges. He has criticized central banking since the 2008 financial crisis, arguing that central bankers have become central planners. Bessent is also a proponent of cryptocurrency, expressing excitement about the President's embrace of crypto and stating that it fits well with the Republican party because "crypto is about freedom." Observers consider Bessent a credible, safe choice for the role, and markets reacted positively to his nomination, with stock futures rising and bond yields falling.