To Avoid Conflict of Interest, Trump’s Treasury Pick Will Liquidate Bitcoin ETF Holdings: Report

Scott Bessent, President-elect Donald Trump’s nominee for Treasury Secretary, plans to sell off several investments, including his holdings in bitcoin (BTC) exchange-traded funds (ETFs), to prevent any potential conflicts of interest should he be confirmed.

According to a report by The New York Times, Bessent, a billionaire hedge fund manager and former associate of George Soros, submitted his required financial disclosures and ethics agreement on Saturday in preparation for the Senate confirmation process. His disclosures revealed assets exceeding $700 million, which included BTC ETF investments ranging between $250,000 and $500,000.

Other assets that could present conflicts include a margin loan exceeding $50 million from Goldman Sachs, a currency trading account related to China’s yuan, and an ownership stake in the conservative publishing company, All Seasons.

Bessent has assured the ethics office that he will take measures to avoid any conflicts of interest if confirmed as Treasury Secretary. In this high-profile role, Bessent would be tasked with managing the federal debt, especially in light of Trump’s plans to extend tax cuts and eliminate taxes on Social Security benefits.

A strong advocate for tax reform and deregulation, Bessent has also expressed his belief that the new administration will focus on fostering a stronger dollar, aligning with long-standing policies in Washington.