Scott Bessent, President-elect Donald Trump’s nominee for Treasury Secretary, is set to liquidate several of his investments, including holdings in bitcoin (BTC) exchange-traded funds (ETFs), to avoid potential conflicts of interest in his new role, according to a report from The New York Times.
In a required filing for Senate confirmation on Saturday, Bessent, a billionaire hedge fund manager with a history of working for liberal philanthropist George Soros, disclosed over $700 million in assets. Among these, his BTC ETF investments, valued between $250,000 and $500,000, are listed.
Other investments that may present a conflict of interest include a margin loan exceeding $50 million with Goldman Sachs, an account for trading Chinese currency, and a stake in conservative publisher All Seasons.
Bessent assured the ethics office that he would “avoid any actual or apparent conflict of interest” if confirmed as Treasury Secretary.
As a pro-crypto advocate, Bessent would take on the challenge of overseeing the growing federal debt, especially as Trump plans to extend tax cuts and eliminate taxes on Social Security benefits. He is also a strong proponent of tax reform and deregulation, particularly to encourage bank lending and boost energy production. In October, Bessent suggested that the Trump administration might pursue a strong dollar, consistent with longstanding U.S. policy.
