30s Summary

Incoming US President, Donald Trump, may select hedge fund manager and crypto supporter Scott Bessent as his Treasury Secretary. If approved, Bessent, who manages Key Square Group and was a major player in Soros Fund Management’s lucrative bet against the British pound, would sign US paper money. Bessent previously vocalized his support for the crypto sector. Howard Lutnick, CEO of Cantor Fitzgerald, was also considered for Treasury Secretary, but was appointed as Commerce Secretary instead.

Full Article

Donald Trump, the soon-to-be President of the United States, appears to be on the brink of choosing Scott Bessent, a hedge fund manager and cryptocurrency fan, as his Treasury Secretary. This is according to reports by Bloomberg and other media sources.

If approved by the Senate, Bessent, a supporter of cryptocurrencies which are meant to replace conventional money, will be the person whose signature gets to grace U.S. paper money.

Bessent manages Key Square Group, a macro investing outfit. He’s a former employee of famous investor George Soros and played a significant role in Soros Fund Management’s successful billion-dollar wager that the British pound would go under.

Now, Bessent is keen on Bitcoin and the broader cryptocurrency sector. In a chat with Fox Business in July, Bessent expressed his excitement with Trump’s enthusiastic approach to cryptocurrencies. He said it aligns with the philosophy of the Republican Party, as crypto is all about freedom. He added that crypto is not going away anytime soon and it’s attracting young people and those who’ve never taken part in markets before.

At some point, Cantor Fitzgerald CEO, Howard Lutnick, was seen as a potential Treasury Secretary. However, he ended up as Commerce Secretary. Lutnick is also involved with digital currencies and has assisted Tether, a stablecoin issuer, to handle the vast reserves of U.S. Treasuries backing its USDT stablecoin since 2021.