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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.
U.S. Treasury pick up to divest host of investments. (Pixabay)
U.S. Treasury pick up to divest host of investments. (Pixabay)

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 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.

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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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Exchange Review - March 2025

Exchange Review March 2025

CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.

What to know:

Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.

  • Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
  • Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions. 
  • Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.

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