- President-elect Donald Trump has appointed Scott Bessent, founder of the hedge fund Key Square Group, to head the US Treasury Department as the next Treasury Secretary.
- The crypto market surged as Trump appointed Bessent, with positive remarks from the Ripple CEO and Cardano founder further boosting XRP and ADA prices.
President Donald Trump has appointed Scott Bessent, founder of hedge fund manager Key Square Group as Treasury Secretary. This development has been met with positivity within the crypto community, with Ripple CEO Brad Garlinghouse expressing optimism that Bessent’s appointment could signal a bullish future for XRP and potentially pave the way for a resolution to the ongoing SEC lawsuit.
For context, Scott Bessent graduated from Yale University in 1984 and later started a career in finance at Brown Brothers Harriman before rejoining Kynikos Associates. In 1991, Bessent turned out to be a partner at Soros Fund Management, where he had played a role in the firm’s famous bet against the British pound.
In 2000, after finishing with Soros, Bessent started a $1 billion hedge fund and managed that operation until 2005. During the same period, he also served as a senior investment adviser to Protégé Partners. He returned to Soros Fund Management in 2011 and took over as Chief Investment Officer before leaving in 2015 to form Key Square Group, a Connecticut-based hedge fund manager.
Positive Reception Boosts XRP and ADA Prices
Ripple CEO Brad Garlinghouse shared his enthusiasm on X regarding Donald Trump’s nomination of Scott Bessent as Treasury Secretary, calling it a “perfect pick.” In his post, he expressed optimism for XRP and other innovations, including the RLUSD stablecoin, which is awaiting U.S. regulators’ approval. Garlinghouse described Bessent as the most pro-innovation and pro-crypto Treasury Secretary to date.
Key figures in the crypto community, including Cardano founder Charles Hoskinson, Digital Assets Research Head Matthew Sigel, and crypto lawyer John Deaton, voiced their optimism about the industry’s future. Furthermore, Michael Faulkender, a finance professor and chief economist at the America First Policy Institute, praised Scott Bessent as an ideal choice to manage the nation’s debt, citing his market expertise, support for the president-elect’s economic agenda, and global stature to tackle economic challenges.
In the meantime, crypto enthusiasts are keenly monitoring who will take on the role of SEC chair in the upcoming administration. Like the Treasury Department, the SEC plays a crucial role in shaping crypto regulations, as its policies could determine the industry’s trajectory during Trump’s presidency.
XRP is experiencing significant bullish momentum, having surged more than 56% in the past week and by 11% in the last 24 hours. The token’s trading volume has grown by 22%, settling at $19.29 billion. This price surge can be attributed in part to the impending resignation of US SEC Chair Gary Gensler.
Meanwhile, Cardano (ADA) has also risen, surpassing $1 for the first time since April 2022, climbing over 25% in the last 24 hours to reach $1.16.
Its trading volume surged by 150% to $6.7 billion, driven by speculation about a potential new blockchain-based voting system in the US. Additionally, the appointment of a crypto-friendly Treasury Secretary has contributed to positive sentiment in the market.
