Only two weeks after Trump's election, his 2.0 cabinet members have been completely finalized. Among them are not only staunch supporters of Bitcoin but also advocates for altcoins and Dogecoin. This article will provide you with an overview of the Trump 2.0 lineup and their stance in the cryptocurrency field.
It is noteworthy that the new President Trump himself holds over $5 million in crypto assets. According to Arkham data, Trump currently possesses cryptocurrencies worth $5.4 million, with the largest holding being ETH, amounting to 495.664 coins, valued at approximately $1.7 million. His top five holdings also include: WETH (approximately $1.64 million), TRUMP (approximately $1 million), TROG (approximately $400,000), and GUA (approximately $150,000).
Overview of the 2.0 cabinet list
On November 23, Trump announced that he would nominate former White House aide Brooke Rollins as the Secretary of Agriculture. With this, the Trump 2.0 cabinet has been fully formed, and the speed and efficiency of this nomination have attracted attention from the outside world.
The members of the Trump 2.0 cabinet are markedly different from those of version 1.0, ranging from financial giants to medical geniuses to news anchors. Compared to the 'Dream Team,' this update seems more noteworthy. Among the 25 cabinet members in version 2.0 (excluding Trump), a significant proportion are crypto-friendly individuals who support cryptocurrency to varying degrees, some of whom have publicly disclosed their crypto asset holdings.
Vice President J.D. Vance: A staunch supporter of cryptocurrency
J.D. Vance, born in 1984, is a well-known author, venture capitalist, and a prominent rising star in American politics. With only two years of political experience, he is expected to become the second youngest vice president in U.S. history. Vance's growth journey has been full of challenges; born into a complex family environment, his mother struggled with drug and alcohol issues, and he was raised by his grandparents. After graduating from high school, he chose to join the U.S. Marine Corps and participated in the Iraq War. After retiring, he completed his studies at Ohio State University and Yale Law School, earning a bachelor's degree in political science and philosophy and a Juris Doctor degree.
Vance is well-known for his bestselling book, Hillbilly Elegy. This book not only gained him public attention but was also considered one of the key factors in Trump's victory in the 2016 election. In the political arena, Vance was elected as a federal senator from Ohio in 2022 and is well-supported due to his open attitude towards cryptocurrency. He advocates for a more lenient policy in digital asset regulation and actively promotes relevant legislation. This year, he proposed a series of policy recommendations related to the crypto industry, including the repeal of SAB-121 accounting standards and reforming the digital asset regulatory framework. Currently, these proposals have received support from 71 Democratic representatives and are expected to be submitted for formal review soon.
J.D. Vance has consistently maintained a friendly attitude towards cryptocurrency and has publicly expressed support for this field multiple times. During the incident in Canada where authorities froze bank accounts of truckers protesting the pandemic, he stated, "This is exactly why cryptocurrency thrives. If your political stance is deemed incorrect, those in power may cut off your access to banking services." His words highlight the importance of cryptocurrency in maintaining financial freedom and resistance to censorship. Additionally, in February of this year, in response to the SEC's enforcement action against the cryptocurrency mining company Debt Box, Vance publicly raised questions.
The new 'God of Wealth' is a crypto enthusiast
Treasury Secretary Scott Bessent
The Treasury Department, the central body for economic governance in the U.S. government. A department that manages major brokerage affairs, responsible for financial management, brokerage policy formulation, financial regulation, etc.
Scott Bessent, as a hedge fund magnate, a celebrity in New York's financial circle, and a disciple of Soros. His personal experience is quite legendary; he worked for George Soros 30 years ago; in 1992, he was instrumental in the collapse of the pound, gaining fame overnight and earning over $1 billion. In 2015, he left to found Key Square Group, which at its peak managed assets exceeding $5 billion.
He is the first U.S. Treasury Secretary nominee to publicly support cryptocurrency. In interviews, he has not hesitated to express his love for cryptocurrency, stating, "Cryptocurrency very much aligns with the spirit of the Republican Party. Cryptocurrency represents freedom, and the crypto economy is an irreversible trend." However, it is regrettable that there has yet to be any publicly disclosed record of Bessent's cryptocurrency holdings.
Secretary of Commerce Howard Lutnick
The U.S. Department of Commerce is primarily responsible for trade investment, export control, semiconductor research, artificial intelligence, as well as coastal fisheries and patents, among other areas. It also oversees the Census Bureau, the National Oceanic and Atmospheric Administration, and the National Weather Service. It plays a leading role in economic policy, international trade, and high-tech development. For cryptocurrency, it determines the future direction of U.S. policy and resource allocation in this emerging field.
Secretary of Commerce nominee Howard Lutnick is a Jewish financier and one of Trump's main campaign sponsors. Born in 1961, Lutnick graduated from Hofstra University and served as CEO of Cantor Fitzgerald. Under his leadership, Cantor Fitzgerald has actively engaged in cryptocurrency business since 2021, including assisting Tether in managing the U.S. Treasury reserves supporting its USDT stablecoin. Additionally, the company recently announced a $2 billion Bitcoin financing business to provide leverage services for Bitcoin investors.
After being nominated by Trump as Secretary of Commerce, Lutnick plans to transfer the company's business relationship with Tether to his son Brandon Lutnick. He has a highly positive attitude towards cryptocurrency and has stated, "We have the strongest capital markets and financial systems in the world, and if we do not take the lead in promoting widespread adoption of cryptocurrency, we will lose this advantage." As a staunch supporter of Bitcoin, Lutnick has repeatedly expressed his confidence in Bitcoin. At the Bitcoin conference in 2024, he bluntly stated, "Bitcoin is the same as gold, it should be traded globally without barriers, just like gold. Bitcoin is the economy of the future!"
Lutnick also revealed his cryptocurrency holdings in an interview hosted by Anthony Pompliano, founder of Professional Capital Management: "I currently hold Bitcoin worth several hundred million dollars and expect this number to soon increase to several billion dollars."
Right-hand man Elon Musk
The Department of Government Efficiency (D.O.G.E) is a new initiative proposed by Trump. Its main goal is to reduce the federal budget deficit and improve the efficiency and effectiveness of government operations. Both of its nominated candidates have a deep connection to cryptocurrency.
Co-leader of the Department of Government Efficiency Elon Musk
The concept of the Department of Government Efficiency (DOGE) originated from a discussion between Elon Musk and Donald Trump, where Musk proposed the idea of establishing a streamlined government efficiency department. Musk was appointed by Trump as a co-leader of the "Department of Government Efficiency," with the abbreviation matching the code for Dogecoin (DOGE), making him the most suitable person to convey the crypto spirit. Musk and Ramaswamy will collaborate with the Office of Management and Budget (OMB) to address the issue of "massive waste and fraud" in government spending.
Elon Reeve Musk, born in South Africa, is undoubtedly an outstanding businessman, known for his key roles in the space company SpaceX and the automotive company Tesla, Inc., and also owns the company X Corp, which operates the social media platform X (formerly Twitter). As of November 2024, Forbes estimates his net worth at $304 billion. As a key member of Trump's camp, he has publicly supported Trump multiple times, and his tweets have had a significant impact on cryptocurrencies, with PAC, PNUT, WOULD, and others having seen a hundredfold increase due to his influence.
In terms of crypto assets, according to Arkham Intelligence, Tesla holds 11,509 BTC, valued at approximately $1.11 billion, while Musk personally "still holds a large amount of Dogecoin."
