Scott Bessent
Bessent unveiled Trump-signature currency for the Semiquincentennial, co-launched the Gold Eagle AI cyber defense clearinghouse, sanctioned IRGC procurement and shadow banking networks, and is advocating for Senate passage of the Clarity Act. He halted the Tubman $20 redesign and dismissed an internal AI-bubble warning as unvetted.
Scott Bessent is running Treasury across an unusually broad front this week, unveiling Trump-branded currency for the Semiquincentennial, co-launching an AI cyber defense clearinghouse, sanctioning Iranian procurement networks, and advocating for cryptocurrency legislation in the Senate.
On July 14, Treasury unveiled a redesigned $100 bill featuring Trump's signature above Bessent's, set for circulation this fall alongside commemorative coins bearing Trump's portrait. Bessent defended the redesign as "appropriate" and said "people are going to want to hold the president's signature." He formally halted the Obama-era Harriet Tubman $20 redesign, citing years of advance work required, while confirming a proposed $250 Trump bill needs a congressional act because living persons cannot appear on currency. "We will stick to the law," he said.
The same day, Bessent co-led Treasury's role in the Gold Eagle AI cyber defense clearinghouse, using frontier AI models including Anthropic's Mythos to triage software vulnerabilities across critical infrastructure. He had previously convened urgent meetings with Fed Chair Jerome Powell and bank CEOs on AI cyber risks, prompting Canada's OSFI to warn its own banks about the same threat.
On Iran, Bessent announced July 15 sanctions on seven entities in an IRGC weapons procurement network and July 10 sanctions on a shadow banking network enriching Supreme Leader Mojtaba Khamenei. He declared "the so-called Supreme Leader is hiding in seclusion while his regime crumbles." These actions extend Operation Economic Fury, which has seized roughly $1 billion in Iranian cryptocurrency.
Bessent is publicly advocating for Senate passage of the Clarity Act cryptocurrency regulatory bill alongside Trump and Senator Cynthia Lummis, framing it as making the U.S. "the innovation capital of the world." He opposes using public funds to support Bitcoin's price, citing "no obvious legal, economic, or political basis." Treasury career analysts drafted a report comparing the AI market to the dotcom era, warning of systemic risk. Bessent's office dismissed it as unvetted while he publicly calls AI a "Golden Age" driver and identifies China surpassing U.S. capabilities as the primary risk.
On their plate
Treasury unveiled a redesigned $100 bill featuring Trump's signature above Bessent's, entering circulation this fall for the Semiquincentennial, plus commemorative $1 coins with a front-facing Trump portrait. Bessent halted the Obama-era Harriet Tubman $20 redesign, citing years of advance work required. A prototype $250 bill with Trump's portrait is confirmed but requires a congressional act because living persons cannot appear on currency; Bessent pledged "we will stick to the law."
Bessent is co-leading Treasury's role in the Gold Eagle AI cyber defense clearinghouse launched July 15 under a June 2 executive order, using frontier AI models including Anthropic's Mythos to triage software vulnerabilities across critical infrastructure. He convened urgent meetings with Fed Chair Jerome Powell and bank CEOs on the same AI cyber risks, prompting Canada's OSFI to warn its own banks. Treasury career analysts separately drafted a report comparing the AI market to the dotcom era, which Bessent's office dismissed as unvetted.
Bessent announced July 15 sanctions on seven individuals and entities in an IRGC weapons procurement network and July 10 sanctions on Dubai-based financier Ali Ansari and a shadow banking network enriching Supreme Leader Mojtaba Khamenei. Operation Economic Fury has seized roughly $1 billion in Iranian cryptocurrency and targeted Nobitex, Iran's largest crypto exchange. Bessent frames the limited oil market under the 60-day waiver as leverage, noting no non-Chinese buyer has purchased.
Bessent is publicly advocating for Senate passage of the Clarity Act cryptocurrency regulatory bill alongside Trump and Senator Cynthia Lummis, framing it as bringing "U.S. best practices onshore" and making the U.S. "the innovation capital of the world." He opposes using public funds to support Bitcoin's price, citing no legal, economic, or political basis. Treasury and Commerce remain in a jurisdictional dispute over which agency manages a proposed Strategic Bitcoin Reserve consolidating over $20 billion in seized Bitcoin.
Trump Accounts launched July 4 under the One Big Beautiful Bill Act, providing $1,000 federal seed contributions for children born 2025 through 2028 in BNY Mellon-managed index funds, with roughly 6 million enrolled. Bessent promoted the program at the July 6 White House Dell event and is co-leading with Commerce Secretary Howard Lutnick a Treasury study of Australia's 12 percent employer-contribution retirement model to develop a U.S. proposal for Congress.
Key relationships
Bessent is Trump's most visible economic surrogate, defending Trump-signature currency, leading the Tennessee bridge renaming ceremony, and promoting Trump Accounts.
Bessent convened urgent meetings with Fed Chair Powell and bank CEOs on AI cyber risks posed by Anthropic's Claude Mythos model, meetings that prompted Canada's OSFI to warn its own banks.
Bessent is coordinating directly with Senator Lummis to push Senate passage of the Clarity Act cryptocurrency regulatory bill, which would divide SEC and CFTC oversight.
Bessent coordinated with Japanese Finance Minister Katayama on potential bold currency interventions as the yen hit a 40-year low, confirming that "taking decisive steps is included."
Bessent coordinated directly with UK Minister Falconer on July 2 sanctions against Iranian oil magnate Mohammad Hossein Shamkhani for shadow-fleet smuggling.
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