U.S. Treasury Secretary candidate Scott Bessent, a proponent of cryptocurrencies, is reportedly facing adversity from Cantor Fitzgerald CEO Howard Lutnick as he tries to win a highly coveted position in President-elect Donald Trump’s cabinet.
According to a Nov. 13 report, three anonymous sources told reporters Eleanor Terrett and Charlie Gasparino that Lutnick is “campaigning hard” to win the position from the current CEO of Key Square Group.
Bessent, who was a key adviser to Trump’s campaign, is widely considered the leading candidate for the post. Voters on the decentralized Polymarket prediction market predict that the founder of the macro investment firm will win the post over the billionaire by a ratio of 65 to 31 percent.
Wednesday’s Fox Business report follows another Terret report, which highlighted that Bessent has made a series of cryptocurrency-friendly statements in the run-up to the current “lame duck” session.
“I’m excited about the president’s embrace of cryptocurrencies, and I think it fits very well with the Republican Party, cryptocurrencies are about freedom, and the cryptocurrency economy is here to stay,” Bessent was to say.
In another quote, Bessent allegedly praised Bitcoin, saying the cryptocurrency created by Satoshi Nakamoto has the ability to cultivate a “market culture in the US,” while making users believe in “a system that works for them.”
“I think everything is on the table with Bitcoin,” Bessent was to say. “One of the most exciting things about Bitcoin is that it attracts young people and those who have not participated in the markets before.”
Trump on Tuesday evening announced that he had chosen X CEO Elon Musk and former Republican presidential candidate Vivek Ramaswamy to head the newly created Department of Government Efficiency (DOGE).
A statement from the Trump administration said that Vivek’s and Musk’s responsibilities will primarily be to “dismantle government bureaucracy, cut unnecessary regulations, reduce wasteful spending and restructure federal agencies.”
Many in the blockchain industry expect cryptocurrency-friendly regulations in the coming years, so it seems the question is whether – not when – a pro-cryptocurrency regulatory framework will be put in place.
