#Treasury Secretary Nominee to Sell Crypto ETFs#

President-elect Trump's nominee for Treasury Secretary, Scott Bessent, will resign from his position and sell his stake in Key Square Group upon receiving Senate approval to avoid potential conflicts of interest. Bessent disclosed in his personal financial disclosures assets worth at least $521 million, including two batches of U.S. Treasury bills, two Invesco funds, and open positions in foreign exchange rates. He also listed a personal investment of not more than $500,000 in an iShares exchange-traded fund linked to the price of Bitcoin. Bessent will divest all assets related to Key Square Capital, including the cryptocurrency ETF, to avoid conflicts of interest. In addition, Bessent also listed residential real estate in the Bahamas worth at least $5 million and a collection of art and antiques worth at least $1 million. Some of Bessent's potential conflicts of interest will take longer to resolve, such as his investments in three funds worth at least $250,000, which allow him to withdraw no more than 25% of his holdings each quarter. He will not be able to fully divest his holdings until the end of September. Bessent said he would recuse himself from specific decisions that would predictably affect the value of the stocks.