All posts tagged: Bessent

Bessent is performing IRS commissioner duties amid Trump IRS tax scrutiny

Bessent is performing IRS commissioner duties amid Trump IRS tax scrutiny

Published by Sam Flores

Scott Bessent, US treasury secretary, during a Senate Finance Committee hearing in Washington, DC, US, on Wednesday, June 3, 2026. Eric Lee | Bloomberg | Getty Images Treasury Secretary Scott Bessent said Wednesday that he is “performing the duties” of Internal Revenue Service commissioner, even as he insisted he is not the agency’s acting commissioner, during a heated Senate exchange over President Donald Trump settlement with the IRS. Bessent, who had been the acting IRS commissioner since August, took over the commissioner duties in a little-noticed move two and a half months ago, the agency said in a post on its website March 13. The IRS said Bessent’s time as acting commissioner had “expired” but that he “retains the authority and responsibility to perform the functions and duties of vacant Treasury offices that are not filled on an acting basis.” The distinction became central during questioning at a Senate Finance Commitee hearing from Sen. Catherine Cortez Masto, D-Nev. She pressed Bessent over his current authority at the tax agency and whether hundreds of thousands of …

‘We Outright Grabbed The Wallets’: Bessent Boasts BN In Iran State Crypto Seized To Date

‘We Outright Grabbed The Wallets’: Bessent Boasts $1BN In Iran State Crypto Seized To Date

Published by Jenni Sidey

Washington’s economic war on Iran and its ‘shadow’ banking network continues, as on Friday Treasury Secretary Scott Bessent announced the US has seized $1 billion in Iranian cryptocurrency assets as part of the economic component of President Trump’s Operation Epic Fury. The billion dollar figure represents the running total seized to date, building on prior milestones in the conflict, particularly a recent major April 2026 freeze of $344 million in USDT on the Tron blockchain. By close of April, $500 million total had been seized. And so clearly with the addition since then of some half-billion dollars more in seized digital assets, the US Treasury program has only greatly accelerated in the last several weeks. During his Friday speech before the Reagan National Economic Forum, Bessent stated: “Just outright grabbed the wallets. Some of them may be typing in right now and might not realize their wallet had been grabbed.” Assets are held “on behalf of the Iranian people” – he described, while framing that the Iranian government had ‘stolen’ the money from the Iranian populace. Bessent on Iran: …

Bessent Warns Oman On Hormuz Toll Scheme, After Trump Threatened To ‘Blow Up’ US Ally

Bessent Warns Oman On Hormuz Toll Scheme, After Trump Threatened To ‘Blow Up’ US Ally

Published by Jenni Sidey

On an official level at least, Oman remains a close strategic partner and key ally of the United States in the Middle East; however, that relationship has been severely strained this month amid apparent Iranian-Omani cooperation regarding a potential toll system for the Strait of Hormuz. This of course flies in the face of the US posture in the region. US Treasury Secretary Scott Bessent is the latest top Trump admin official to chastize Oman: “The United States Government will not tolerate any effort to impose a tolling system in the Strait of Hormuz,” he said on X Thursday. “Oman, in particular, should know that the U.S. Treasury will aggressively target any actors involved – directly or indirectly – in facilitating tolls for the Strait and any willing partners will be penalized,” Bessent continued. “All nations should reject outright any efforts by Iran to disrupt the free flow of commerce. Tehran’s days of terrorizing the region and the world are over.” Sky News/Getty Images Starting a week ago, official ‘discussions’ between Oman and Iran were widely reported: …

Bessent urges G7 to help U.S. attack Iran’s finances

Bessent urges G7 to help U.S. attack Iran’s finances

Published by Sam Flores

US Secretary of the Treasury Scott Bessent arrives at meeting of G7 Finance Ministers and Central Bank Governors in preparation for the summit of heads of State and government to be held in June 2026 in Evian, in Paris on May 18, 2026. Julien De Rosa | Afp | Getty Images Treasury Secretary Scott Bessent on Tuesday urged world leaders at a G7 conference to help the U.S. combat Iranian terrorism by “rooting out the financing that sustains it,” while laying out a new rubric for imposing “aggressive and targeted” sanctions. “Crushing the threat of terrorism compels all of you to step up and join us,” Bessent said in a speech to the “No Money for Terror” conference in Paris, after claiming that the U.S. often fights alone. The remarks follow previous calls by President Donald Trump and other U.S. officials for more countries to join its ongoing war against Iran, which continues to wreak havoc on the global economy even as the conflict appears to be locked in an uneasy stalemate. Bessent boasted at …

Bessent Urges China to Step up Diplomacy on Iran Ahead of Trump-Xi Summit

Bessent Urges China to Step up Diplomacy on Iran Ahead of Trump-Xi Summit

Published by Sam Flores

By David Lawder and Susan Heavey WASHINGTON, May 4 (Reuters) – U.S. ⁠Treasury ⁠Secretary Scott Bessent on Monday urged ⁠China to intensify its diplomatic efforts to persuade Iran to open the ​Strait of Hormuz to international shipping, adding that President Donald Trump and Chinese President Xi Jinping will discuss the ‌subject when they meet next week. “China, ‌let’s see them step up with some diplomacy and get the Iranians to open the strait,” Bessent ⁠said during ⁠a live interview on Fox News Channel’s “America’s Newsroom” program. Bessent said that China ​was buying 90% of Iran’s energy, “so they are funding the largest state sponsor of terrorism.” He urged China to “join us in this international operation” to open the strait but did not specify what action Beijing should take. He added ​that China and Russia should stop blocking initiatives at the United Nations, such as a resolution ⁠encouraging ⁠steps to protect commercial shipping ⁠in the ​Strait of Hormuz. China over the weekend escalated opposition to U.S sanctions against Chinese oil refineries over ​purchases of Iranian …

Bessent defends U.S. dollar swap lines as Iran war harms global finances

Bessent defends U.S. dollar swap lines as Iran war harms global finances

Published by Sam Flores

Secretary of Treasury Scott Bessent testifies during a during a Senate Appropriations Subcommittee on Financial Services and General Government hearing on the Treasury Department’s 2027 budget request in Washington, DC on April 22, 2026. Nathan Posner | Anadolu | Getty Images Treasury Secretary Scott Bessent on Friday defended the possibility of the U.S. participating in currency swaps with allies in the Persian Gulf and Asia who are seeking financial backstops due to the Iran war. Discussions with those countries about U.S. dollar swap lines “are part of ongoing, routine conversations that @USTreasury has been having with our partners over a number of years,” Bessent said in an X post. “They are a testament to the U.S. dollar’s primacy and the strength of America’s economic shield,” he said of the potential swaps. The assertion of swap lines’ benefits and commonness comes as the Trump administration considers offering the financial lifeline to the United Arab Emirates, CNBC reported Tuesday. It also comes two days after Bessent said that “many” allies in the Persian Gulf are seeking the same backstop as …

Bessent says ‘many’ allies have asked for currency swaps amid Iran war

Bessent says ‘many’ allies have asked for currency swaps amid Iran war

Published by Sam Flores

U.S. Treasury Secretary Scott Bessent arrives to testify during a Senate Committee on Appropriations, Subcommittee on Financial Services and General Government hearing in the Dirksen Senate Office Building on April 22, 2026 in Washington, DC. Chip Somodevilla | Getty Images Treasury Secretary Scott Bessent said Wednesday that “many” oil-rich U.S. allies in the Persian Gulf have requested a financial backstop amid economic turbulence from the war with Iran. Bessent’s comments go further than White House assertions to CNBC on Tuesday, where an official said the U.S. had not yet been formally asked to establish a currency swap line by the United Arab Emirates, only that there had been discussions about the topic. Such a swap line would provide the UAE or other Gulf nations with liquidity in the U.S. dollar, but comes loaded with political risk as U.S. consumers weather higher prices from the war for food, gas and other everyday purchases. “Many of our Gulf allies have requested swap lines,” Bessent said. “Swap lines, whether it’s from the Federal Reserve or the Treasury, are …

Vance, Bessent questioned tech giants on AI security before Anthropic’s Mythos release, CNBC reports

Vance, Bessent questioned tech giants on AI security before Anthropic’s Mythos release, CNBC reports

Published by Sam Flores

April 10 : U.S. Vice President JD Vance and Treasury Secretary Scott Bessent questioned leading tech CEOs about AI model security and how to respond to cyber attacks a week before Anthropic released its new Mythos model, CNBC reported on Friday.  Anthropic’s Dario Amodei, Alphabet’s Sundar Pichai, OpenAI’s Sam Altman, Microsoft’s Satya Nadella and the heads of Palo Alto Networks and CrowdStrike were on the call, according to the report. Anthropic declined to comment, while Alphabet, OpenAI, Microsoft, Palo Alto and CrowdStrike did not immediately respond to Reuters’ requests for comment.  Earlier this week, Anthropic launched a powerful AI model but held off on releasing it widely over concerns that it could expose hidden cybersecurity vulnerabilities. Only a group of around 40 tech heavyweights, including Microsoft and Google, would have access to Anthropic’s “Claude Mythos” model. The startup had said it had been in ongoing discussions with the U.S. government about the model’s capabilities. Source link

Bessent Urges Congress to Pass Crypto Regulation Bill

Bessent Urges Congress to Pass Crypto Regulation Bill

Published by Sam Flores

April 8 (Reuters) – U.S. Treasury Secretary Scott Bessent ⁠said ⁠Congress must pass a ⁠bill to create federal rules for digital assets, reiterating ​the push for rules that he says will ensure cryptocurrency development and ‌investment remain anchored in the ‌U.S. Bessent urged passage of a crypto market structure bill called the ⁠Clarity ⁠Act. “The regulatory framework for digital asset markets is unclear,” Bessent said ​in an op-ed published in the Wall Street Journal on Wednesday, adding that this uncertainty had predictable consequences.  “A growing share of crypto development relocated to ​places with clear rules, such as Abu Dhabi and Singapore. Abroad, firms ⁠knew ⁠when and how to ⁠register, ​what standards to meet, and how to operate. The benefits of domiciling in ​the U.S. rarely ⁠outweighed the risks,” Bessent wrote. The Clarity Act aims to create federal rules for digital assets, the culmination of years of crypto industry lobbying. Crypto companies have long argued that existing rules are inadequate for digital ⁠assets, and that legislation is essential for companies to continue to operate ⁠with legal …