Report Suggests Trump’s Treasury Pick to Unwind Bitcoin ETF Holdings to Eliminate Conflict of Interest

Scott Bessent, the hedge fund manager nominated by President-elect Donald Trump for Treasury Secretary, has revealed plans to divest several of his investments, including holdings in bitcoin (BTC) exchange-traded funds (ETFs), to avoid potential conflicts of interest.

According to The New York Times, Bessent submitted his ethics agreement and financial disclosures on Saturday, which are necessary for his Senate confirmation process. These documents disclosed assets totaling over $700 million, including BTC ETF investments worth between $250,000 and $500,000.

In addition to his BTC holdings, Bessent’s portfolio includes other investments that could pose conflicts of interest, such as a margin loan of over $50 million with Goldman Sachs, an account used for trading Chinese currency, and a stake in the conservative publishing company All Seasons.

Bessent has pledged to “avoid any actual or apparent conflict of interest” should he be confirmed for the Treasury role. If appointed, he would be tasked with managing the rising federal debt, especially amid Trump’s plans to extend tax cuts and remove taxes on Social Security benefits.

Bessent has long been a supporter of tax reform and deregulation, particularly measures to stimulate bank lending and energy production. Last October, he predicted that the Trump administration would likely pursue a policy of strengthening the dollar, aligning with Washington’s long-standing economic strategy.