Author: Weilin, PANews
Before winning the 2024 U.S. presidential election, Trump had explicitly pledged to promote a pro-crypto policy stance. Now, as the list of his new government members gradually reveals, the crypto movements of these members have quickly attracted market attention.
This article will review the cryptocurrency holdings and policy positions of eight members of 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 directly invest in crypto assets, while others convey support for the crypto industry through policies and statements.
Vice President J.D. Vance: Holds several hundred thousand dollars in Bitcoin, supports cryptocurrencies.
Position: Documents submitted to the U.S. Congress on August 13, 2024, show that Vance disclosed holdings of Bitcoin valued at between $100,000 and $250,000.
Crypto stance: JD Vance has been a staunch supporter of cryptocurrencies and has made several important statements regarding this. His position is very pro-crypto, specifically reflected in the following aspects: First, he supports the pro-crypto SAB 121 House joint resolution.
Secondly, in terms of statements and actions, on July 13, 2023, Vance proposed 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 SEC's handling of the DEBT Box case along with several Republican senators, accusing its actions of being unethical and unprofessional. On June 20, 2024, Vance expressed strong support for cryptocurrencies, sharing posts about making cryptocurrency donations for Trump.
In fundraising efforts, Vance received support from the Super PAC (Super Political Action Committee) backed by Bitcoin supporter Peter Thiel.
On social media, Vance frequently shares his views on cryptocurrencies, including a tweet on February 15, 2022, discussing the rise of cryptocurrencies due to regimes severing ties with banks.
Secretary of the Treasury Scott Bessent: Former key member of the Soros team, publicly supports Bitcoin and the crypto economy.
No public cryptocurrency holding declaration records. Bessent operates macro investment firm Key Square Group. He worked for famous investor George Soros 30 years ago. In 1992, Bessent became a key member of Soros's team, pushing to bet on the pound's collapse, earning over $1 billion for the firm. He left in 2015 to found Key Square Group, which at its peak managed over $5 billion in assets.
Today, Bitcoin and the entire cryptocurrency space have become his focus. "I am very excited about Trump embracing cryptocurrencies; I believe it aligns very well with the spirit of the Republican Party. Cryptocurrencies represent freedom, and the crypto economy will last a long time," he stated in an interview with Fox Business Channel in July this year. "Cryptocurrencies attract 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 crypto-supportive policies.
Position: Last year's filing records show that Waltz owned between $50,000 and $100,000 in Bitcoin in 2023.
Crypto stance: Michael Waltz, a former Republican congressman from Florida, has shown strong support for cryptocurrencies and has made several important statements regarding them: voted in favor of the very pro-crypto FIT21 bill, voted in favor of the SAB 121 House joint resolution on cryptocurrencies, and co-sponsored the CBDC anti-surveillance national bill, focusing on opposing the use of central bank digital currencies (CBDCs) as surveillance tools.
Director of National Intelligence Tulsi Gabbard: Holds a small amount of Litecoin and Ethereum, opposes government advancement of CBDCs.
Position: In the second half of 2017, held between $1,000 and $15,000 in Litecoin and between $1,000 and $15,000 in Ethereum.
Crypto stance: Although Gabbard stated in her last disclosure in 2019 that she no longer holds cryptocurrencies, she has continuously criticized the government for infringing on financial privacy and autonomy.
She believes that efforts to promote central bank digital currencies (CBDCs) are part of a broader initiative by the government to strengthen control over the public, undermining the decentralized nature of cryptocurrencies like Bitcoin.
Co-leader of the Department of Efficiency Elon Musk: Supporter of Bitcoin and Dogecoin.
Position: Earlier this year, Musk stated in an X Space that, "I still hold a lot of Dogecoin, and SpaceX also holds a lot of Bitcoin." As of November 21, Arkham Intelligence shows that Tesla holds 11,509 BTC, valued at about $1.11 billion.
Crypto stance: Although not a member of Trump's cabinet, Musk is undoubtedly closely related to Trump's camp and is a supporter of cryptocurrencies at least in public.
He is the co-leader of the newly established "Department of Government Efficiency," appointed by Trump. The abbreviation of this department is the same as the code for Dogecoin (DOGE). Musk often expresses support for Dogecoin, calling it "the people's cryptocurrency," and has influenced its market value.
Secretary of Commerce Howard Lutnick: Holds hundreds of millions in Bitcoin, has provided custodial services for Tether for years.
Position: Lutnick recently revealed in an interview with Professional Capital Management founder Anthony Pompliano, "I own Bitcoin worth hundreds of millions, and I expect that number to quickly reach billions."
Crypto stance: Lutnick is a super fan of Bitcoin. At the 2024 Bitcoin Conference, he stated, "Bitcoin is the same as gold. Bitcoin should be traded like gold - globally, without exception." His company Cantor Fitzgerald has been helping Tether manage a large inventory of U.S. Treasury securities backing its USDT stablecoin since 2021. Cantor Fitzgerald also 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 accepting cryptocurrency donations, whose company has incorporated Bitcoin into its investment portfolio.
Since Ramaswamy was not previously a congressman, he is not required to publicly disclose his cryptocurrency holdings. However, this billionaire businessman has been a strong supporter of cryptocurrencies, and reports indicate that he personally holds digital assets.
For example, this former Republican presidential candidate, who was involved 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 for clear regulation of cryptocurrencies. He criticized the current regulatory approach by 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 incorporate Bitcoin into its clients' investment portfolios.
Secretary of Health and Human Services Robert F. Kennedy Jr.: Invested most of his wealth in Bitcoin, criticizes regulatory measures of the Biden administration.
Robert Kennedy Jr. does not have any public cryptocurrency filing records, but this well-known Bitcoin supporter and former presidential candidate recently stated he would invest most of his wealth in cryptocurrencies and has made several public statements regarding them. Little Kennedy stated at a public event in November, "I am a staunch supporter of Bitcoin; I attended another Bitcoin conference a year ago. Most of my wealth is in Bitcoin, so I am fully committed to it."
This member, who is about to join the Trump administration, also praised Bitcoin as a hedge against inflation in a post in November. "Bitcoin is free currency, 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 an outlet from the disaster of national debt," he stated in the post.
Kennedy also criticized current regulatory measures, particularly the excessive restrictions on cryptocurrencies under the Biden administration. At this year's Bitcoin Conference in July, he stated, "I will end the Biden administration's war on Bitcoin." He advocates for a more open regulatory environment to guide innovation and maintain America's competitive edge in the global financial landscape.
