President-elect Donald Trump has picked hedge fund executive Scott Bessent as the U.S. Treasury Secretary.

What Happened: Bessent, 62 and founder of Key Square Group, was a leading candidate, competing with former Fed Governor Kevin Warsh and private equity executive Marc Rowan.

While sharing the decision on Friday via his social media platform Truth Social, Trump lauded Bessent as "one of the World's foremost International Investors and Geopolitical and Economic Strategists."

Source: Truth Social

Bessent is known for his support of gradual tariffs and deregulation, aligning with Trump's economic vision, which includes reviving manufacturing and achieving energy independence.

Despite his previous role as chief investment officer for George Soros' fund, Trump expressed confidence in Bessent's ability to improve U.S. competitiveness and address trade imbalances.

Why It Matters: As Treasury Secretary, Bessent will replace outgoing Secretary Janet Yellen, overseeing financial institutions and combating financial crimes at a time when the national debt has ballooned to $36 trillion.

According to betting markets, Bessent was a frontrunner with an 82% probability of securing the nomination. His appointment could significantly impact Wall Street and the crypto sector.

In October, Bessent assured that a new Trump administration would support a strong dollar, countering previous suggestions of a weaker dollar to boost exports.

Despite Elon Musk's support for Howard Lutnick, Trump favored Bessent's business-as-usual approach.

In July, Bessent gained attention for his optimistic stance on cryptocurrency, suggesting he might support digital assets if confirmed. "Crypto is about freedom and the crypto economy is here to stay," he stated at the time.

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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