Potential policies for which Bessent has advocated which might sway the fortunes of his hedge fund, the Key Square Capital, include an increased focus on cryptocurrencies, an extension of Trump’s tax cuts, and a gradual introduction of tariffs.

On his personal financial disclosure, Bessent reported holding over $150 million in open position trades involving the U.S. dollar and three foreign currencies: the euro, Japanese yen, and offshore variant of the Chinese yuan. These positions demonstrate that Bessent could personally benefit from economic policies that substantially alter the value of the U.S. dollar, particularly the dollar as a global reserve currency.

• As Treasury Secretary, Bessent will also inherit the position of chair of the Committee on Foreign Investment in the United States (CFIUS), which reviews transactions involving investments, real estate purchases, and business mergers by foreign companies. In a tense exchange about whether or not he would be willing to review the Nippon Steel merger—which CFIUS blocked for national security reasons—Bessent struggled to answer Sen. Todd Young (R-IN) when he asked if he could be impartial in this role.

• Bessent holds a substantial amount of his wealth outside of the U.S. in international “feeder funds” and foreign investment vehicles. This includes wealth held in entities based in Ireland, the Cayman Islands, and London. He also receives fees from entities managed by Ghisallo Capital, a hedge fund operating out of Hong Kong.
  

Investing in currency is a recurring trend in Bessent’s career. In the 1990s, he previously made billions in profits for his former employer, Soros Fund Management, by shorting the British pound sterling. In 2013, he also profited off of shorting the Japanese yen.

• Bessent decided to short the yen in response to economic policies advanced by former Japanese Prime Minister Shinzo Abe, policies that he recently stated were the inspiration behind the “3-3-3” plan he would implement as Treasury Secretary.