Billionaire hedge fund manager Scott Bessent, who has been nominated by President-elect Donald Trump for the role of Treasury Secretary, is taking significant steps to divest various assets to avert potential conflicts of interest. This proactive decision encompasses the sale of his investments in bitcoin exchange-traded funds (ETFs), as detailed by The New York Times.
Bessent, who boasts an extensive background, having previously collaborated with renowned billionaire philanthropist George Soros, submitted essential ethics agreements and financial disclosures over the weekend. These critical documents unveil that Bessent's asset portfolio and investments amount to over $700 million, with his holdings in BTC ETFs estimated to be valued between $250,000 and $500,000, according to various media outlets. Among Bessent's other noteworthy investments, which could present conflicts of interest, is a margin loan surpassing $50 million with Goldman Sachs, an active trading account for China's currency, and a stake in the conservative publisher All Seasons.
In a communication directed to the ethics office, Bessent conveyed his assurance of steering clear of any real or perceived conflict of interest, should he receive confirmation as the Secretary of the Department of Treasury. Upon confirmation, Bessent, recognized for his supportive stance toward cryptocurrencies, will be tasked with the intricate challenge of overseeing the nation's escalating federal debt while navigating Trump's initiatives to prolong expiring tax cuts and eradicate taxes on social security benefits.
A strong advocate for tax reform and deregulation, Bessent particularly emphasizes the need to bolster bank lending and stimulate energy production. In a statement made in October of the previous year, he articulated that the anticipated new Trump administration would likely push for a robust dollar, aligning with Washington's enduring economic policies..