Author: Weilin, PANews
Before winning the 2024 U.S. election, Trump had explicitly promised to advocate for pro-cryptocurrency policies. Now, as the list of new government members is gradually revealed, the cryptocurrency positions of these members have quickly drawn market attention.
This article will review the cryptocurrency holdings and policy positions of eight key decision-makers in Trump's new government, from Vice President JD Vance to Secretary of Health and Human Services Robert F. Kennedy Jr. Among these core decision-makers, some invest directly in crypto assets, while others convey their support for the crypto industry through policies and statements.
Vice President J.D. Vance: Holds hundreds of thousands in Bitcoin, strongly supports cryptocurrency.
Holding Situation: A document submitted to the U.S. Congress on August 13, 2024, shows that Vance disclosed holding Bitcoin valued between $100,000 and $250,000.
Cryptocurrency Position: JD Vance has been a staunch supporter of cryptocurrency and has made several important statements on the matter. His stance is very pro-cryptocurrency, specifically 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 introduced a bill aimed at protecting cryptocurrency companies from regulatory pressure from banks, advocating for more politically neutral oversight. On February 8, 2024, he 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 for Trump.
In campaign fundraising, Vance secured support from Bitcoin supporter Peter Thiel for his Super PAC.
On social media, Vance frequently shares his optimistic views on cryptocurrency on platforms like X (formerly Twitter), including a tweet on February 15, 2022, discussing how cryptocurrency has emerged due to regimes cutting ties with banks.
Treasury Secretary Scott Bessent: Former key member of the Soros team, publicly supports Bitcoin and the crypto economy.
No publicly available cryptocurrency holding disclosure records. Bessent runs the macro investment firm Key Square Group. He worked for famed investor George Soros 30 years ago. In 1992, Bessent became a key member of Soros' team, driving a bet on the collapse of the pound, earning over $1 billion for the firm. He left in 2015 to found Key Square Group, which peaked at managing over $5 billion in assets.
Today, Bitcoin and the entire cryptocurrency sector have become his focus. "I am very excited about [Trump] embracing cryptocurrency; I think it aligns very well with the spirit of the Republican Party. Cryptocurrency represents freedom, and the crypto economy will endure," he stated in an interview with Fox Business Channel this July. "Cryptocurrency attracts young people and those who have never participated in the market."
National Security Advisor Michael Waltz: Holds less than $100,000 in Bitcoin, advocates for cryptocurrency-supportive policies.
Holding Situation: Last year's disclosure records indicate that in 2023, Waltz held between $50,000 and $100,000 in Bitcoin.
Cryptocurrency Position: Michael Waltz was previously a Republican congressman from Florida, and he has shown strong support for cryptocurrency, making several important statements on the subject: voting in favor of the very pro-cryptocurrency FIT21 bill, voting in favor of the SAB 121 House Joint Resolution, and co-sponsoring the anti-surveillance national CBDC bill, focusing on opposing the use of central bank digital currencies (CBDCs) as a surveillance tool.
Director of National Intelligence Tulsi Gabbard: Holds a small amount of Litecoin and Ethereum, opposes the government's push for CBDC.
Holding Situation: In the second half of 2017, held Litecoin worth $1,000 to $15,000 and Ethereum worth $1,000 to $15,000.
Cryptocurrency Position: Although Gabbard stated in her last disclosure in 2019 that she no longer holds cryptocurrency, she has consistently criticized government actions that infringe on financial privacy and autonomy.
She believes that efforts to promote central bank digital currencies (CBDCs) are part of a broader government initiative to strengthen control over the populace, undermining the decentralized nature of cryptocurrencies like Bitcoin.
Co-leader of the Department of Efficiency Elon Musk: Supporter of Bitcoin and Dogecoin.
Holding Situation: Earlier this year, Musk stated in an X Space that, "I still hold a ton of Dogecoin, and SpaceX also holds a ton of Bitcoin." As of November 21, Arkham Intelligence shows that Tesla holds 11,509 BTC, worth about $1.11 billion.
Cryptocurrency Position: Although not a member of Trump's cabinet, Musk is undoubtedly closely related to Trump's camp and is at least a public supporter of cryptocurrency.
He is the co-leader of the newly established "Department of Government Efficiency," which has the same abbreviation as Dogecoin (DOGE). Musk often expresses support for Dogecoin, calling it "the people's cryptocurrency," and has influenced its market value.
Commerce Secretary Howard Lutnick: Holds hundreds of millions in Bitcoin, provides years of custodial services for Tether.
Holding Situation: Lutnick recently revealed in an interview with Anthony Pompliano, founder of Professional Capital Management, "I own Bitcoin worth hundreds of millions, and I expect that number to reach billions soon."
Cryptocurrency Position: Lutnick is a superfan of Bitcoin. At the 2024 Bitcoin conference, he stated, "Bitcoin is like gold. Bitcoin should be traded like gold—globally, without exception." His company, Cantor Fitzgerald, has helped Tether manage a large inventory of U.S. Treasury securities backing its USDT stablecoin since 2021. Cantor Fitzgerald recently announced a Bitcoin financing business aimed at providing leverage for Bitcoin investors, with initial funding of $2 billion.
Co-leader of the Department of Efficiency Vivek Ramaswamy: Former candidate who accepted cryptocurrency donations, his company will include Bitcoin in its portfolio.
Since Ramaswamy was not a congressman previously, he does not need to publicly disclose his cryptocurrency holdings. However, this billionaire businessman has been actively supporting cryptocurrency and is reported to personally hold digital assets.
For example, this former Republican presidential candidate who participated in the competition announced two years ago at the 2023 Bitcoin conference in Miami that he would accept cryptocurrency donations for his campaign.
Ramaswamy also emphasized the necessity of clear regulation for cryptocurrencies. He criticized the current regulatory approach of agencies like the SEC, calling it "enforcement-based regulation," and advocated for a framework that promotes innovation while ensuring consumer protection.
Additionally, Ramaswamy's Strive Asset Management (managing $1.7 billion in assets) announced in early November that it would include Bitcoin in its clients' portfolios.
Secretary of Health and Human Services Robert F. Kennedy Jr: Invested most of his wealth in Bitcoin, criticizes the Biden administration's regulatory measures.
Robert Kennedy Jr does not have publicly available cryptocurrency congressional disclosure records, but this well-known Bitcoin supporter and former presidential candidate recently stated he would invest most of his wealth in cryptocurrency and has made multiple public statements regarding it. Little Kennedy stated at a public event in November, "I am a staunch supporter of Bitcoin; I participated in another Bitcoin conference a year ago. Most of my wealth is in Bitcoin, so I am fully invested in it."
This member, soon to join the Trump administration, also praised Bitcoin in a November post as a hedge against inflation. "Bitcoin is free money; it's a hedge for middle-class Americans against inflation, a remedy for the decline of the dollar's status as the world's reserve currency, and a way out of the national debt disaster," he stated in the post.
Kennedy also criticized the current regulatory measures, particularly the excessive restrictions on cryptocurrency under the Biden administration. At the Bitcoin conference in July this year, he stated, "I will end the Biden administration's war on Bitcoin." He advocates for a more open regulatory environment to foster innovation and maintain the U.S.'s competitive edge in the global financial landscape.
