Scott Bessent’s Fierce Clash with Financial Times: A Game Changer for Crypto?

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Scott Bessent Echoes CZ’s Media War Playbook In Explosive Attack on FT

US Treasury Secretary Scott Bessent has denied a Financial Times report that he favored structuring the relationship between the Treasury Department and the Federal Reserve (Fed) after the model used by the Bank of England (BoE), calling the story fabricated.

The strong denial followed a report published by the Financial Times, which quoted sources within the financial industry.

Bessent vs. FT and What It Means for Crypto Markets

Bessent strongly denied the Financial Times article, calling it untrue and stating that reporters disregarded his clear, documented denial of its central claim.

According to the Financial Times, Bessent suggested increasing government supervision of the Federal Reserve by using a system similar to the one employed by the Bank of England. This would involve formal letters exchanged between the Treasury Secretary and the Fed Chair to ensure accountability and communication.

I was really surprised to see the Financial Times claim I support a policy that I absolutely don’t. It’s frustrating when publications just make things up and attribute them to me – it’s completely inaccurate and misleading.

Bessent highlighted his extensive writings – over 20,000 words – on Federal Reserve reform, noting that this particular suggestion isn’t included anywhere in his published work.

He also dismissed the BoE’s governor-chancellor letter system as “useless and perfunctory.”

This situation feels reminiscent of a past event in the crypto world. Back in September 2025, Changpeng Zhao (CZ), the co-founder of Binance, responded similarly to a report from the Financial Times. The FT had reported that CZ’s investment firm, YZi Labs, was planning to seek funding from outside investors.

I’m seeing a lot of inaccurate information circulating about YZiLabs, based on what I’ve found on social media – I haven’t even read the original Financial Times article because I don’t have a subscription. From what I can tell, reports that YZiLabs is seeking outside funding are false, and there doesn’t seem to be any public demonstration of their work – I’m not even sure what a ‘demo’ would be in this context.

— CZ 🔶 BNB (@cz_binance) September 23, 2025

CZ dismissed the story as “completely false,” claiming it was based on inaccurate information and biased reporting.

Both parties claimed the Financial Times fabricated quotes by using unnamed sources and disregarded their clear, on-the-record denials.

Recently, Binance CEO Changpeng Zhao (CZ) publicly criticized the Wall Street Journal. He disputed their claim that over $1 billion in cryptocurrency transactions connected to Iranian networks had passed through his exchange.

Why Crypto Traders Should Watch This Fight

Although the main disagreement involves control over money and financial policy, Bessent continues to be a key figure in the development of rules for digital assets in the United States.

He’s been a vocal advocate for creating a US Bitcoin Reserve, has worked to pass laws regulating stablecoins, and supports the CLARITY Act to improve how financial markets operate.

Changes in how the Treasury Department and the Federal Reserve work together could affect cryptocurrency markets. This could happen through clues about future economic policies, how much demand there is for stablecoins, and any new regulations that are introduced.

Bessent has called the Federal Reserve’s Quantitative Easing (QE) programs a risky attempt to fundamentally change how monetary policy works, suggesting he’s open to broader changes to the system.

The Federal Reserve’s recent actions have contributed to rising prices, harmed working families, and created questions about its independence. It’s time for greater oversight of the Fed and a return to more reliable and straightforward economic strategies.

Read my opinion piece in the Wall Street Journal for more details:

— Treasury Secretary Scott Bessent (@SecScottBessent) September 5, 2025

Kevin Warsh, who has been proposed as the next Federal Reserve Chair after Jay Powell’s term finishes in May 2026, has also suggested he’s open to ideas like those used by the Bank of England to ensure accountability during financial emergencies.

Regardless of whether the Financial Times report is proven true or disproven by Bessent’s response, influential people continue to publicly criticize traditional news outlets on X (formerly Twitter). This trend doesn’t seem to be stopping anytime soon.

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2026-03-27 10:54