Author: Weilin, PANews
Before winning the 2024 U.S. election, Trump had explicitly promised to promote a pro-cryptocurrency policy stance. Now, as the list of members of his new government is gradually unveiled, the crypto movements of these members have quickly attracted the attention of the market.
This article will review the cryptocurrency holdings and policy positions of eight members of the new Trump administration, from Vice President JD Vance to Secretary of Health and Human Services Robert F. Kennedy Jr. Among these core decision makers, some have invested directly in crypto assets, while others have expressed support for the crypto industry through policies and statements.
Vice President JD Vance: Holding hundreds of thousands of dollars in Bitcoin, supporting cryptocurrencies
Holdings: Documents submitted to the U.S. Congress on August 13, 2024 showed that Vance disclosed that he held Bitcoin worth up to $100,000 to $250,000.
Crypto stance: JD Vance has always been a staunch supporter of cryptocurrency and has made several important statements on the subject. His stance is very pro-cryptocurrency, as reflected in the following aspects: First, he supports the pro-crypto House Joint Resolution SAB 121.
Secondly, in terms of statements and actions, on July 13, 2023, Vance proposed a bill to protect cryptocurrency companies from regulatory pressure from banks and advocate more politically neutral supervision. On February 8, 2024, he, along with several Republican senators, criticized the U.S. Securities and Exchange Commission (SEC) for its handling of the DEBT Box case, accusing it of unethical and unprofessional behavior. On June 20, 2024, Vance expressed strong support for cryptocurrency and shared a post about making cryptocurrency donations to Trump.
In terms of campaign financing, Vance received support from a Super PAC (Political Action Committee) through Bitcoin supporter Peter Thiel.
On social media, Vance has also frequently shared his bullish views on cryptocurrencies on platforms such as X (formerly Twitter), including a tweet on February 15, 2022 that talked about the rise of cryptocurrencies due to the regime cutting off ties with banks.
Treasury Secretary Scott Bessent: Once a key member of Soros' team, publicly supports Bitcoin and the crypto economy
There is no public record of cryptocurrency holdings. Bessent runs the macro investment firm Key Square Group. He worked for the famous investor George Soros 30 years ago. In 1992, Bessent became a key member of Soros' team, pushing bets on the collapse of the pound and earning the company more than $1 billion in profits. He left in 2015 to establish Key Square Group, which managed assets of more than $5 billion at its peak.
Today, Bitcoin and the entire cryptocurrency space have become his focus. "I'm very excited about (Trump's) embrace of cryptocurrency, and I think it fits in very well with the spirit of the Republican Party. Cryptocurrency represents freedom, and the crypto economy will last a long time," he said in an interview with Fox Business Channel in July. "Cryptocurrency attracts young people and those who have not participated in the market before."
National Security Advisor Michael Waltz: Holds less than $100,000 in Bitcoin and promotes crypto-supportive policies
Holdings: Last year's filings showed that Waltz owned between $50,000 and $100,000 worth of Bitcoin in 2023.
Crypto Stance: Michael Waltz, a former Republican congressman from Florida, has shown strong support in the cryptocurrency field. He has made several important statements on cryptocurrencies: voting in favor of the FIT21 bill, a very cryptocurrency bill, voting in favor of House Joint Resolution SAB 121, a cryptocurrency bill, and co-sponsoring the CBDC Anti-Surveillance State Act, which focuses on opposing the use of central bank digital currency (CBDC) as a surveillance tool.
Director of National Intelligence Tulsi Gabbard: Holds a small amount of Litecoin and Ethereum and opposes the government's promotion of CBDC
Holdings: In the second half of 2017, he held between $1,000 and $15,000 worth of Litecoin and $1,000 to $15,000 worth of Ethereum.
Crypto Stance: Although Gabbard said in her last disclosure in 2019 that she no longer holds cryptocurrencies, she has been critical of government initiatives that infringe on financial privacy and autonomy.
She believes the push for central bank digital currencies (CBDCs) is part of a broader effort by governments to increase control over their citizens, undermining the decentralized nature of cryptocurrencies like Bitcoin.
Elon Musk, co-leader of the National Efficiency Department: Supporter of Bitcoin and Dogecoin
Holdings : Earlier this year, X Space showed that Musk once said, "I still hold a lot of Dogecoin, and SpaceX also holds a lot of Bitcoin." As of November 21, Arkham Intelligence showed that Tesla held 11,509 BTC, worth approximately US$1.11 billion.
Crypto Stance: Although not a member of Trump's cabinet, Musk is undoubtedly close to the Trump camp and is, at least publicly, a supporter of cryptocurrency.
He is the co-leader of the new Trump-appointed “Department of Government Effectiveness,” which shares the same acronym as Dogecoin (DOGE). Musk has often expressed support for Dogecoin, calling it the “people’s cryptocurrency” and influencing its market value.
Commerce Secretary Howard Lutnick: Holds hundreds of millions of dollars in Bitcoin and provides custody services to Tether for many years
Holdings: Lutnick recently revealed in an interview with Anthony Pompliano, founder of Professional Capital Management: "I own hundreds of millions of dollars worth of Bitcoin, and I expect that number to reach billions soon."
Crypto stance: Lutnick is a big fan of Bitcoin. At the Bitcoin 2024 conference, he said: "Bitcoin is the same as gold. Bitcoin should be traded like gold - globally, without exception." His company Cantor Fitzgerald has helped Tether manage the large inventory of U.S. Treasury bonds that support its USDT stablecoin since 2021. Cantor Fitzgerald also recently announced a Bitcoin financing business designed to provide leverage to Bitcoin investors with an initial funding of $2 billion.
Vivek Ramaswamy, co-leader of the National Efficiency Department: He was a candidate who accepted cryptocurrency donations, and his company included Bitcoin in its investment portfolio
Since Ramaswamy is not a member of parliament, he is not required to publicly disclose his cryptocurrency holdings. However, the billionaire businessman has been an active supporter of cryptocurrencies and is known to hold digital assets himself.
For example, the former Republican presidential candidate announced two years ago at the 2023 Bitcoin Conference in Miami that he would accept cryptocurrency donations for his campaign.
Ramaswamy also stressed the need for clear regulation of cryptocurrencies. He criticized the current regulatory approach of agencies like the SEC, calling it "enforcement-based regulation," and advocated for a framework that would both promote innovation and ensure consumer protection.
Additionally, Ramaswamy’s Strive Asset Management, which manages $1.7 billion, announced in early November that it would include Bitcoin in its clients’ portfolios.
Health and Human Services Secretary Robert F. Kennedy Jr.: Most of the wealth is invested in Bitcoin, criticizing the Biden administration's regulatory measures
Robert Kennedy Jr. has no public record of cryptocurrency declarations by Congress, but the well-known Bitcoin supporter and former presidential candidate recently stated that he would invest most of his wealth in cryptocurrencies and made multiple public statements on cryptocurrencies. Kennedy Jr. said at a public event in November: "I am a strong supporter of Bitcoin. I attended another Bitcoin conference a year ago. Most of my wealth is in Bitcoin, so I am fully invested in it."
The soon-to-be Trump administration member also praised Bitcoin as a hedge against inflation in a November post. “Bitcoin is free money, a hedge against inflation for middle class Americans, a remedy to the dollar’s decline as the world’s reserve currency, and an exit from the national debt catastrophe,” he said in the post.
Kennedy also criticized current regulatory measures, especially the excessive restrictions on cryptocurrencies under the Biden administration. He said at the Bitcoin Conference in July this year: "I will end the Biden administration's war on Bitcoin." He advocated for a more open regulatory environment to guide innovation and maintain the United States' competitive advantage in the global financial landscape.
