As President-elect Donald Trump prepares for a second term, his incoming administration has already nominated several crypto-friendly faces for key leadership roles.
Voters who bought into the Republican rhetoric that the Biden administration led a so-called “war on crypto” are likely excited. After all, Trump is the first elected official to hawk his own digital currency.
While cryptocurrency awareness is relatively high in the U.S., most Americans remain disinterested. According to a Pew Research study, roughly six-in-10 Americans (63%) say “they have little to no confidence that current ways to invest in, trade or use cryptocurrencies are reliable and safe.”
But with the U.S. Securities and Exchange Commission poised for an overhaul, and a slate of cryptocurrency advocates (listed below) being tapped for cabinet or council positions, the era of crypto cronyism within the U.S. executive branch is upon us — whether Americans like it or not.
What could go wrong?
Table of Contents
Scott Bessent
Howard Lutnick
Elon Musk and Vivek Ramaswamy
Brad Garlinghouse
Brian Armstrong
Jeremy Allaire
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Scott Bessent
Trump’s nominee for Treasury Secretary, Scott Bessent, is a well-known cryptocurrency advocate. The former Soros Fund Management CIO made headlines when he expressed excitement about crypto’s potential to revolutionize finance, aligning it with Republican ideals of freedom and innovation.
The 62-year-old hedge fund manager has been vocal about distancing crypto’s future from the fallout of figures like Sam Bankman-Fried, framing Bitcoin (BTC) as a unifying economic opportunity for younger generations disillusioned by traditional markets.
Should Bessent be at the helm of the Treasury, he would likely shake up digital assets and reduce the risk of severe tariffs.
The nomination of investor Scott Bessent as US treasury secretary is seen as a relief to Wall Street. His understanding of markets is expected to reduce the risk of severe tariffs. Read: https://t.co/CWWb9hVRMR pic.twitter.com/XLoEaBR8L8
— Reuters Business (@ReutersBiz) November 23, 2024
Howard Lutnick
Cantor Fitzgerald CEO Howard Lutnick, Trump’s pick for Commerce Secretary, is reportedly in talks with Tether, the largest stablecoin operator, to spearhead a $2 billion lending initiative.
Known for steering Cantor Fitzgerald into crypto trading, Lutnick’s embrace of digital assets demonstrates his knack for blending traditional finance with emerging technologies. If the Tether partnership materializes, it could expand access to capital while deepening the role of stablecoins in global financial systems under Lutnick’s leadership.
Thank you, President Trump for your trust in me to help Make America Great Again. As the next Secretary of Commerce, I will join the best administration the US has ever seen and unleash our full economic potential. pic.twitter.com/CTr0sdH6nt
— Howard Lutnick (@howardlutnick) November 19, 2024
Elon Musk and Vivek Ramaswamy
Trump’s audacious proposal to create the “Department of Government Efficiency” (DOGE) has drawn attention not just for its acronym, but for the crypto bulls that wish to be at the helm.
Tesla CEO Elon Musk, a longtime proponent of Dogecoin (DOGE), and biotech entrepreneur Vivek Ramaswamy are tasked with slashing $2 trillion annually from federal programs like Medicare and Social Security. Ramaswamy has proposed deleting entire agencies.
There are well over 400 Federal agencies. I was once in a meeting with a new agency that was being formed, but it didn’t have a name yet. The reason it didn’t have a name was that all the good acronyms were taken! https://t.co/0Xvei7nWln
— Elon Musk (@elonmusk) November 21, 2024
While Congress must greenlight the department’s formation, it’s worth noting that it’s a real possibility considering the GOP’s majority in the U.S. Senate and the House of Representatives.
Brad Garlinghouse
Ripple (XRP) CEO Brad Garlinghouse praised Trump for nominating Bessent as “Treasury Sec.”
I don't want to get too far ahead of myself but… Scott Bessent is the perfect pick by @realdonaldtrump!He will be the most pro-innovation, pro-crypto Treasury Sec we've ever seen
— Brad Garlinghouse (@bgarlinghouse) November 23, 2024
But Garlinghouse, himself, is a prominent player in Trump’s crypto strategy. He reportedly held discussions with Trump’s inner circle, suggesting he could — or has had — some say in hiring decisions.
In addition to advocating for the removal of SEC Chair Gary Gensler, Garlinghouse envisions a digital asset market structure bill moving forward in the Senate.
Brian Armstrong
Coinbase CEO Brian Armstrong met with Trump, according to Reuters. While it’s unclear what they discussed, reports suggest Armstrong is keen on joining Trump’s planned Bitcoin and crypto presidential advisory council.
Either way, Armstrong is voicing his thoughts on who should be in charge. Earlier this month, he tossed out the idea of replacing Gensler with SEC commissioner Hester Peirce, aka “Crypto Mom” in the crypto world, who’s been throwing some serious shade at Gensler’s crackdown.
And if Peirce isn’t available, there’s always Republican SEC commissioner Mark Uyeda, who once teamed up with her to rebuke the agency for what they consider “misguided and overreaching” cases against crypto companies.
She would be the best choice. Smart, fair, professional. Can work with both sides. https://t.co/YSs7DpNOnP
— Brian Armstrong (@brian_armstrong) November 7, 2024
Jeremy Allaire
Allaire, the chief executive of the crypto company Circle, is also interested in joining the council. According to the New York Times, Allaire and other crypto pros are hounding Trump’s camp for more information.
Allaire was even excited when Trump said he wasn’t a fan of Bitcoin back in 2019.
Possibly the largest bull signal for BTC ever. Crypto now a Presidential / Global policy issue. People everywhere will embrace a mix of sovereign and non-sovereign digital currency. https://t.co/PK79wmCddM
— Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) July 12, 2019
Other entrepreneurs are following Allaire’s lead. One executive told the Times on background that he’s “harassing everyone” he knows in Trumpworld with the hope of landing a seat on the crypto council.
Read more: Crypto cops record $8.2b in financial remedies for investors: SEC
