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Trump's Treasury Pick to Divest Bitcoin ETF Holdings to Eliminate Conflict of Interest: Report
Trump's Treasury nominee Scott Bessent plans to liquidate a string of investments, including BTC ETF, to avoid a potential conflict of interest.
Jan 13, 2025, 5:16 a.m.
What to know:
- Trump's Treasury pick Scott Bessent to liquidate a host of investments, including BTC ETF, to avoid a potential conflict of interest, The New York Times said.
- Bessent holds investments worth over $700 million, according to a letter filed Saturday.
Billionaire hedge fund manager Scott Bessent, President-elect Donald Trump's nominee for Treasury Secretary, plans to dispose of several assets, including investment in bitcoin (BTC) exchange-traded funds (ETF), to avoid potential conflicts of interest with his new role, according to a report by The New York Times.
On Saturday, Bessent, who once worked for billionaire liberal philanthropist George Soros, filed the ethics agreement and financial disclosures as required for the impending Senate confirmation, revealing assets and investments worth over $700 million. The tally includes BTC ETF holdings worth $250,000 to $500,000, according to media reports.
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The other key investments posing a potential conflict of interest include a margin loan of more than $50 million with Goldman Sachs, an account for trading China's currency and a stake in conservative publisher All Seasons.
Bessent, in a letter to the ethics office, promised to "avoid any actual or apparent conflict of interest in the event that I am confirmed for the position of secretary of the Department of Treasury."
If confirmed, the pro-crypto Bessent would face the challenging task of managing the burgeoning federal debt amid Trump's plans to extend expiring tax cuts and eliminate taxes on social security benefits.
Bessent is an advocate for tax reform and deregulation, particularly to boost bank lending and energy production. In October last year, Bessent said that the new Trump administration would likely pursue a strong dollar in line with Washington's multi-decade policy.
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Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
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- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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