Senate confirms Trump-backed pick Jonathan McKernan to Treasury role

The U.S. Senate confirmed Jonathan McKernan, who has been critical of overregulation and crypto debanking, to a top position at the Treasury Department.

The Senate voted for McKernan 51-47 later in the day on Tuesday for the Treasury Under Secretary for Domestic Finance. In a statement, Treasury Secretary Scott Bessent said he is an “ideal leader.”

“He will play an instrumental role in strengthening our economy by clawing back the government overreach and excess that defined the previous administration,” Bessent said in the statement. “I look forward to working with him as we lay the economic foundation for America’s Golden Age.”

Bessent was previously tapped by President Donald Trump to lead the Consumer Financial Protection Bureau, but reportedly later pivoted to nominate McKernan for his role at the Treasury Department. In his new position, McKernan will oversee financial markets and advise top officials on the financial system and other economic matters.

McKernan was also previously a board member at the Federal Deposit Insurance Corporation.

McKernan himself hasn’t spoken directly on crypto debanking, but has praised the work of Worldwide Stablecoin Payment Network CEO Austin Campbell and others.

“The U.S. banking system … is increasingly unattractive. It is also failing various market tests,” McKernan posted on X, quoting an essay “on debanking” by Tyler Cowen, a libertarian economist at George Mason University. “How innovative is it? … Can it integrate with crypto? Relative performance is sliding, there is no other way to put it.”

During his nomination hearing in front of the Senate Finance Committee for the Treasury role in July, McKernan said he would “champion reforms that foster growth, both within and outside our financial system.”

“The Office of Domestic Finance has a wide ambit spanning financial institutions, financial markets, and financial stability, all of which have a role to play in creating more jobs, wealth, and prosperity for all Americans,” McKernan said.