The cryptocurrency industry may welcome a more positive policy direction.
Author: Chaos Labs
Compiled by: Deep Tide TechFlow
Trump's cabinet nominees: potential boosters for cryptocurrency?
The list of cabinet nominees recently announced by Donald Trump has garnered widespread attention. This episode of the Edge series will focus on those important nominees who may have a positive impact on the cryptocurrency industry.
@howardlutnick (transition team leader and nominee for Secretary of Commerce)
First, let's look at Howard Lutnick, who is considered the leader of Trump's transition team and is also the CEO of Cantor Fitzgerald. He is a publicly supportive entrepreneur of cryptocurrency and is currently nominated as the future Secretary of Commerce. He was also previously considered for the position of Secretary of the Treasury.
Under Lutnick's leadership, Cantor Fitzgerald has been actively exploring the blockchain and digital asset space. For example, Cantor Fitzgerald served as the custodian for Tether's bond portfolio and recently made a strategic investment in Tether.
Scott Bessent (nomination for Secretary of the Treasury)
As a seasoned hedge fund manager, Scott Bessent has a deep understanding of financial innovation and has repeatedly expressed support for cryptocurrency. He has stated, 'Cryptocurrency represents freedom, and cryptocurrency will exist long-term.'
Compared to the previous popular candidate Henry Paulson, Bessent is clearly more friendly towards the cryptocurrency industry. Paulson publicly criticized cryptocurrency in 2021, claiming it has no intrinsic value and accusing it of excessive price volatility.
@TulsiGabbard (nomination for Director of National Intelligence)
Tulsi Gabbard has been nominated as the Director of National Intelligence, which could be significant for the cryptocurrency industry. She has long advocated for privacy protection and decentralization.
Additionally, Gabbard has a direct connection to cryptocurrency. She disclosed in 2018 that she had purchased @ethereum (ETH) and @litecoin (LTC) during the 2017 cryptocurrency bull market. She has also publicly supported Bitcoin multiple times, viewing it as a tool for achieving financial sovereignty and an effective means of combating excessive government intervention.
@RobertKennedyJr (nomination for Secretary of Health and Human Services)
Robert F. Kennedy Jr. has publicly expressed support for Bitcoin, viewing it as a powerful tool against the devaluation of fiat currency. Although his position is not directly related to the cryptocurrency industry, in the Trump administration, RFK Jr. is likely to become an ally of cryptocurrency rather than an opponent.
@PamBondi (nomination for Attorney General)
Pam Bondi's nomination was made after @mattgaetz withdrew. Matt Gaetz previously stepped down due to strong scrutiny within the Republican Party, which could be a potential loss for the cryptocurrency industry.
Matt Gaetz has been a staunch supporter of personal privacy and has pushed through several pieces of legislation supporting cryptocurrency, including the (FIT21 bill), (SAB121 bill), and (anti-CBDC surveillance national bill). Additionally, he has publicly supported pardoning Edward Snowden.
Pam Bondi is the former Attorney General of Florida, but she has not publicly stated her position on cryptocurrency. As a candidate for Attorney General, her policy direction remains unknown.
@michaelgwaltz (nomination for National Security Advisor)
Michael Waltz is an active advocate for the development of the American cryptocurrency industry. He has repeatedly emphasized the important role of cryptocurrency in enhancing economic competitiveness and technological independence, while also effectively limiting excessive government intervention.
Waltz's pro-crypto stance is also reflected in his legislative record, such as co-sponsoring the (anti-CBDC surveillance national bill) and voting in favor of SAB121 and FIT21.
@BrendanCarrFCC (nomination for FCC Chair)
Brendan Carr, currently serving as the Republican leader of the Federal Communications Commission (FCC), is expected to take over as FCC Chair. Although Carr has not explicitly expressed his views on Bitcoin or cryptocurrency, he is known for his strong anti-censorship stance and support for technological innovation.
Under his leadership, the FCC may provide more support for the development of the technological infrastructure of the cryptocurrency industry.
@HesterPeirce & Mark Uyeda (potential candidates for SEC Chair)
Hester Peirce has been a staunch advocate for clarifying the regulation of digital assets. If she is nominated as SEC Chair, it could bring a more favorable policy environment for the cryptocurrency industry, reduce uncertainty, and alleviate the regulatory body's tough stance on the cryptocurrency industry. Peirce's appointment would undoubtedly be a significant victory for the cryptocurrency industry, but rumors have circulated that she has preemptively declined the possibility of this nomination.
Another candidate nominated for SEC Chair is current SEC Commissioner Mark Uyeda. He has been critical of the SEC's tough policies on cryptocurrency in recent years and has consistently called for clear and predictable regulatory rules.
Although these nominations have not yet been finalized, early signs suggest that the cryptocurrency industry may welcome a more positive policy direction. Notably, Trump's attitude towards China as America's main competitor may further influence cryptocurrency policy. Despite China's repeated bans on cryptocurrency activities, it still dominates the Bitcoin mining sector. Trump promised at the Bitcoin2024 conference to push policies to bring computing power back to the U.S., which could become a focus of future policy.
