Candidate for the post of head of the US Treasury, billionaire and ardent supporter of cryptocurrencies Scott Bessent will give up part of his assets
Billionaire Scott Bessent, nominated by Donald Trump for the position of US Treasury Secretary, announced his intention to divest some of his assets to avoid a potential conflict of interest. About this informs The New York Times. According to the publication, in his letter to a division of the Ministry of Finance, Bessent outlined the specific steps he is ready to take to ensure transparency if his candidacy is approved.
Among the specified measures, the billionaire pledged to close his investment fund Key Square Capital Management, leave the position of chairman of the Rockefeller University’s investment committee and withdraw from the Bessent-Freeman Family Foundation. It is also reported that in November 2024, Bessent put his mansion in Charleston (South Carolina) up for sale for $22.5 million. In addition, he is selling his stake in the publishing house All Seasons and a bitcoin exchange-traded fund ETF.
Bessent is not only a well-known investor, but also one of the key financial advisers of Donald Trump during the 2024 presidential campaign. He was also heavily involved in campaign fundraising, giving him a leading role in shaping Trump’s economic agenda.
The decision was part of a larger plan by Donald Trump to bring business representatives into his administration. In particular, the future government plans to appoint eight billionaires to key positions. Among them are Elon Musk, whose fortune is estimated at 336 billion dollars, and Vivek Ramaswamy, whose assets exceed a billion dollars. Musk, for example, will hold a position in a new department that will deal with increasing the efficiency of government structures.
Bessent’s responsible move to transfer his assets is intended to eliminate ethical controversies and ensure support for his Senate bid. Donald Trump himself has repeatedly emphasized the importance of attracting successful businessmen to manage public finances. If confirmed as Treasury Secretary, Scott Bessent will have a significant impact on implementing Trump’s economic policies and reforming the US financial system.
It will be recalled that Bessent gained popularity in the 1990s when he made bold bets against the British pound and the Japanese yen. At that time, Scott Bessent worked for George Soros, one of the leading donors to the US Democratic Party. In 2011, Soros appointed him as the chief investment officer of his fund, Soros Fund Management. Four years later, Bessent founded his own investment fund, Key Square Capital Management. In addition to a successful financial career, he taught economic history at Yale University, was a member of the Council on Foreign Relations, and served on the board of trustees of the Rockefeller Institute.
Bessent used to support the Democratic Party, but in 2024 he completely sided with Donald Trump, expressing his support for his economic policies. On the campaign trail, Bessent said Trump would usher in a “new golden age” of deregulation, cheap energy and low taxes. Bessent is also known as an ardent supporter of cryptocurrencies, calling them a symbol of freedom. He declared: “Cryptocurrency is freedom.”
