Crypto Craze: Meet the New Treasury Secretary Who’s All About Bitcoin and Banning CBDCs!

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In a moment so rare it could be mistaken for a solar eclipse, the US Senate has confirmed Donald Trump’s pick, the pro-crypto billionaire Scott Bessent, as the new US Treasury Secretary. 🎉

Bipartisan Vote Appoints New Treasury Secretary

On January 27th, in a move that had everyone wondering if they’d accidentally tuned into a different reality show, the Senate voted 68 to 29 to confirm Bessent. Yes, you read that right—16 Democrats joined the party! Bessent, who’s basically the crypto superhero we didn’t know we needed, is here to save us from the clutches of boring old central bank digital currencies (CBDCs). Bye-bye Janet Yellen, hello crypto revolution! 💸

Bessent’s Background and Role

Nominated by President Trump last November (because who else would do it?), Bessent comes with a resume that screams hedge fund manager extraordinaire. He’s been shouting from the rooftops about how cryptocurrencies are the key to freedom, and that the crypto economy is as permanent as your Aunt Edna’s fruitcake. As the 79th Treasury Secretary, he’s got a laundry list of responsibilities that would make anyone else faint: tax collection, managing a $28 trillion debt market, and trying to keep the economy from doing a nosedive. No pressure! 😅

Economic Agenda and Challenges

At the sprightly age of 62, this Tennessee lawmaker is ready to champion Trump’s economic agenda, which is basically a love letter to tax cuts and tariffs. During his confirmation hearing, he warned that not renewing expiring tax cuts would be like throwing middle-class Americans under a bus. And let’s not forget tariffs—because who doesn’t love a good trade war? 🥳

But wait, there’s more! One of Bessent’s first challenges will be managing federal cash flows after the government hit its debt limit. He assured senators that under his watch, there would be no default. Phew! And he’ll also have to wade through the murky waters of the cryptocurrency market to create a regulatory framework for digital assets. Good luck with that! 🏊‍♂️

Pro-Crypto Stance and Opposition to CBDC

Bessent’s pro-crypto stance is like a breath of fresh air in a stuffy room filled with old-school economists. He’s been vocal about his skepticism towards CBDCs, claiming there’s no reason for the US to have one. Countries pursuing CBDCs are just doing it out of necessity, he says. As Treasury Secretary, he’s set to join the “Presidential Working Group on Digital Asset Markets,” which sounds like a fancy name for a group of people trying to figure out how to regulate digital assets without losing their minds. 🤯

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2025-01-28 19:10