Scott Bessent, one of the prominent names nominated for the Treasury Department for the new administration of President-elect Donald Trump, has a friendly approach to cryptocurrencies such as Bitcoin.

Bessent, the founder of Key Square Group and former Soros Fund Management chief investment officer, has a “very pro-crypto” attitude, according to a Nov. 11 X post by Fox Business journalist Eleanor Terrett.

“Trump’s nominee for Treasury Secretary, billionaire hedge fund investor Scott Bessent, is very pro-crypto, especially when it comes to Bitcoin,” Terrett said, citing a series of positive statements by Bessent towards the industry.

According to Terrett, Bessent expressed his positive approach to cryptocurrencies in his recent crypto-focused statements. This attitude coincides with Trump’s ambitious promise to make the United States the “crypto capital of the world.”

In one of Bessent’s recent comments on crypto, he said:

“I’m excited that the president is embracing crypto, and I think it’s very much in line with the Republican Party. Crypto is about freedom, and the crypto economy is here to stay.” Bessent also emphasized the power of Bitcoin to attract young people who were not previously involved in financial markets and said:

“One of the most exciting things about Bitcoin is that it’s attracting young people and those who haven’t been in the market before. In the US, creating a market culture where people believe in a system that works for them is the essence of capitalism.”

Trump began the process of forming a cabinet and selecting other administration officials last week following his victory in the US presidential election, according to Reuters. Trump is set to return to the White House on January 20 and reportedly met with Bessent and fellow investor John Paulson on November 8.

Reuters, citing two sources close to President-elect Trump, reported that Bessent and Paulson are currently the two leading candidates for the position of US Treasury Secretary. Bessent and Paulson, financial backers of Trump’s presidential campaign, have long been targeted for a post in Trump’s administration.

Trump stated in a campaign speech in January that Paulson could be his nominee for Treasury Secretary. According to Reuters, Trump wanted Paulson to be Treasury Secretary, and if not Paulson, he would prefer Bessent.

Paulson served as one of the economic advisors to the Trump presidential campaign in 2016 and has previously expressed a negative attitude towards cryptocurrencies.

In 2021, Paulson claimed that cryptocurrencies like Bitcoin “have no inherent value” and criticized crypto for being overly volatile compared to traditional markets, which are relatively stable.

But while Trump has heavily criticized Bitcoin during and after his first term as president, describing Bitcoin as “just another currency rivaling the dollar” and a “scam” in July 2021, he has described himself as a pro-crypto candidate in the 2024 campaign. he declared and said, “crypto is the future.”

In addition to choosing his nominee for Treasury Secretary, Trump will also have to pick multiple officials for key federal financial agencies, including the U.S. Securities and Exchange Commission.

According to the Washington Post, names considered for SEC chairman and other positions include Daniel Gallagher, Hester Peirce and Mark Uyeda.