Scott Bessent, nominated by President-elect Donald Trump for Treasury Secretary, has pledged to divest several investments, including his holdings in bitcoin (BTC) exchange-traded funds (ETFs), in order to avoid any potential conflicts of interest should he be confirmed.
Bessent, a billionaire hedge fund manager who previously worked with George Soros, filed his ethics agreement and financial disclosures on Saturday ahead of his Senate confirmation process. According to The New York Times, his assets total over $700 million, which includes his BTC ETF investments valued between $250,000 and $500,000.
Other potential conflicts of interest listed in Bessent’s disclosure include a margin loan of more than $50 million with Goldman Sachs, a trading account for the Chinese yuan, and a stake in the conservative publishing company All Seasons.
In a letter to the ethics office, Bessent assured that he would take all necessary actions to prevent both actual and perceived conflicts of interest if he is confirmed as Treasury Secretary. Should he take the role, Bessent will face the challenge of managing the federal debt, especially with Trump’s plans to extend tax cuts and remove taxes on Social Security benefits.
Bessent is a strong supporter of tax reform and deregulation, focusing on encouraging bank lending and energy production. He has also suggested that the new administration is likely to pursue policies that maintain a strong dollar, consistent with Washington’s long-term strategy.
