Trump’s Treasury Pick Scott Bessent Moves to Divest Bitcoin to Avoid Conflict of Interest
Anjali Belgaumkar13 Jan 20253 min read
Scott Bessent, President-elect pick for Treasury Secretary, plans to liquidate several of his investments, including holdings in Bitcoin exchange-traded funds (ETFs), to avoid possible conflicts of interest if confirmed. Bessent, a billionaire hedge fund manager, filed his ethics agreement and financial disclosures ahead of his upcoming Senate confirmation hearing. As reported by The New York …
Scott Bessent, President-elect Donald Trump Donald Trump Donald J. Trump is a US-based business tycoon, pro-crypto politician, and 47th (present) President of the United States. He comprehends the significance and needs of the modern fintech world, and people look up to him as a dominant pro-crypto politician. Once doubtful about Bitcoin's dominance, he said in a tweet in 2019, “I am not a fan of Bitcoin", but now has a significant amount of cryptocurrency holdings in his pool. He has also signed an Executive Order to establish a Strategic Bitcoin Reserve, which highlights his commitment to the future of cryptocurrency. Quick Facts Full name Donald John Trump Birth 14-06-1946, New York, United States Nationality American Education BS from the University of Pennsylvania Famous For Business, Politics Donald Trump - Career Highlights & Events 2016 – Elected as the 45th President of the United States from the Republican Party. 2017 – Signed the Tax Cuts and Jobs Act, impacting investment environments 2019 – Slammed crypto king Bitcoin on X, calls it "not money". 2025 – A gala party was hosted by him for the top 220 Trump meme coin holders. President pick for Treasury Secretary, plans to liquidate several of his investments, including holdings in Bitcoin exchange-traded funds (ETFs), to avoid possible conflicts of interest if confirmed. Bessent, a billionaire hedge fund manager, filed his ethics agreement and financial disclosures ahead of his upcoming Senate confirmation hearing.
As reported by The New York Times, disclosure revealed assets worth over $700 million, including between $250,000 and $500,000 in Bitcoin ETF investments. Bessent, who previously worked for billionaire philanthropist George Soros, has pledged to sell his investments in various funds, trusts, and other holdings to ensure there are no conflicts if confirmed as Treasury Secretary.
Hedge Fund Billionaire Files Ethics Plan
In addition to Bitcoin-related assets, Bessent disclosed other investments that could pose conflicts, such as a margin loan with Goldman Sachs Goldman Sachs The Goldman Sachs Group is a securities, investment banking, and investment management company founded in 1869 and primarily based in New York City, United States. The company offers underwriting services for public offerings, convertible and exchangeable securities, investment-grade debt, high-yield debt, emerging market debt, sovereign and municipal debt, bank loans, asset-backed securities, and real estate securities. Key Features: Offers various services, including consumer banking, asset management, and investment banking. The platform is known for its innovation, financial skills, and Transformative actions. Provides advisory services for mergers and acquisitions, divestitures, corporate defense activities, restructurings, and spin-offs. [email protected] Multinational Investment Bank and a stake in the conservative publisher All Seasons. To comply with ethics requirements, Bessent has committed to avoiding any financial interests that might interfere with his duties at the Treasury Department.
Bessent’s latest hedge fund, Key Square Capital, was launched in 2016 with $4.5 billion in funds, including $2 billion from George Soros. However, it now manages much less money. Bessent’s previous fund, from the early 2000s, also had disappointing results.
Bessent Backs Tax Cuts and Strong Dollar
As Treasury Secretary, Bessent would be tasked with managing the federal debt while navigating Trump’s plans to extend expiring tax cuts and eliminate taxes on Social Security benefits. He is a strong proponent of tax reform and deregulation, aiming to boost bank lending and energy production. Bessent has also hinted at support for a strong U.S. dollar policy under the new administration.
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