Donald Trump’s nominee for Treasury Secretary, Scott Bessent, plans to liquidate his investments, including a Bitcoin exchange-traded fund (ETF), worth over $700 million to avoid potential conflicts of interest. The move comes after Bessent filed ethics disclosures revealing assets and investments that could pose a conflict with his new role.
Bessent’s financial holdings include:
– A margin loan of more than $50 million with Goldman Sachs
– An account for trading China’s currency
– A stake in conservative publisher All Seasons
The Treasury nominee has promised to “avoid any actual or apparent conflict of interest” if confirmed. As a pro-crypto advocate, Bessent will face the challenge of managing the federal debt amid Trump’s plans to extend expiring tax cuts and eliminate taxes on social security benefits. His views on tax reform and deregulation are also expected to shape his approach to Treasury policy.
Source: https://www.coindesk.com/markets/2025/01/13/trumps-treasury-pick-to-divest-bitcoin-etf-holdings-to-eliminate-conflict-of-interest-report