Written by: shaofaye123, Foresight News
Only two weeks have passed since Trump's election, and his 2.0 cabinet has already been fully nominated. Among its members are not only Bitcoin believers but also supporters of altcoins and Dogecoin. This article will give you a quick overview of Trump's 2.0 cabinet and their positions on cryptocurrencies.
Newly elected President Trump himself holds over $5 million in cryptocurrencies. According to Arkham data, Donald Trump currently holds $5.4 million in cryptocurrencies, with his largest holding being ETH, owning 495.664 ETH, 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 he would nominate former White House aide Brooke Rollins as Secretary of Agriculture. With this, the Trump 2.0 cabinet is fully formed, and the speed and efficiency of this nomination have drawn public attention.
Above is the complete list of Trump's cabinet (some positions require Senate confirmation). Source: Political News
The members of Trump's 2.0 cabinet differ significantly from the 1.0 version, ranging from financial tycoons to medical geniuses and news anchors. Compared to the 'Dream Team,' this update seems more notable. Among the 25 cabinet members in version 2.0 (excluding Trump), a significant proportion are crypto-friendly individuals who support cryptocurrencies to varying degrees, with some having publicly disclosed their crypto asset holdings.
Vice President J.D. Vance: A staunch supporter of cryptocurrencies
J.D. Vance, born in 1984, is a writer and venture capitalist. As a rising star in American politics, he is expected to become the second youngest Vice President in American history with just two years of political experience. Vance's childhood was quite challenging, with a complex family background, his mother long troubled by drugs and alcohol, and he was raised by his grandparents. After graduating high school, Vance joined the United States Marine Corps and served in the Iraq War. After his discharge, he attended Ohio State University and Yale Law School, where he earned a bachelor's degree in political science and philosophy, as well as a Juris Doctor.
Vance is widely known for his bestselling book (Hillbilly Elegy), which not only brought him fame but is also considered one of the key works in Trump's 2016 election victory. In 2022, Vance won the Ohio Federal Senate seat with his positive stance on cryptocurrencies, advocating for a more lenient policy on digital asset regulation. This year, he drafted a series of guidelines for the crypto industry, including support for the repeal of the SAB-121 accounting rule and legislative proposals to reform digital asset regulation. Currently, Vance's draft has garnered support from 71 Democratic Congress members and is expected to be formally submitted soon.
J.D. Vance has a very friendly attitude towards cryptocurrencies and has publicly mentioned them multiple times. He stated, while opposing Canadian authorities' ban on pandemic control drivers' bank accounts, 'This is the reason why cryptocurrencies are thriving; if your political views are incorrect, the regime will cut off your access to banking services.' In February of this year, when the SEC took enforcement action against the cryptocurrency mining company Debt Box, he also raised concerns.
J.D. Vance's most recent disclosure shows that as of 2022, J.D. Vance holds Bitcoin valued between $100,001 and $250,000, and these assets are held through Coinbase. J.D. Vance also opened accounts with Robinhood and Charles Schwab but did not disclose specific holding details.
The new 'God of Wealth' is a crypto enthusiast
Treasury Secretary Scott Bessent
The Treasury Department is the central hub of economic governance for the U.S. government. It is responsible for managing financial affairs, developing brokerage policies, and financial regulation.
Scott Bessent, a hedge fund magnate and a prominent figure in New York's financial circle, is a disciple of Soros. His personal experience is quite legendary, having worked for George Soros 30 years ago; in 1992, he was instrumental in the collapse of the British pound, rising to fame and earning over $1 billion. In 2015, he left to found Key Square Group, managing over $5 billion in assets at its peak.
He is the first publicly supported nominee for Treasury Secretary who advocates for cryptocurrencies. In interviews, he does not hesitate to express his love for cryptocurrencies, stating, 'Cryptocurrencies align very well with the spirit of the Republican Party.' 'Cryptocurrencies represent freedom, and the crypto economy is an irreversible trend.' However, it is regrettable that there has not yet been a publicly disclosed cryptocurrency holding declaration record from Bessent.
Secretary of Commerce Howard Lutnick
The U.S. Department of Commerce is primarily responsible for trade investment, export controls, semiconductor research, artificial intelligence, as well as coastal fisheries and patents. It also oversees the Census Bureau, the National Weather Service, and the National Oceanic and Atmospheric Administration. It plays a leading role in economic policy, international trade, and high-tech development. For cryptocurrencies, it determines the future direction of U.S. policy in this emerging field and resource allocation.
Secretary of Commerce Lutnick, a Jewish financier and major donor during Trump's campaign. Lutnick, born in 1961, graduated from Hofstra University and previously worked at Cantor Fitzgerald, where he became CEO. Since 2021, Cantor Fitzgerald has been involved in cryptocurrency-related business, helping Tether manage the U.S. Treasury inventory supporting its USDT stablecoin. Recently, they announced a Bitcoin financing business that will provide leverage to Bitcoin investors, with initial funds reaching $2 billion. After being nominated as Secretary of Commerce by Trump, he plans to transfer the company's Tether business relationship to his son Brandon Lutnick.
He also has a very positive attitude towards cryptocurrencies, stating, 'We have the largest capital market and the strongest financial system; if we do not take the lead in promoting the widespread use of cryptocurrencies, we will lose this advantage.' As a super fan of Bitcoin, Lutnick has repeatedly supported the development of Bitcoin in public. At the 2024 Bitcoin Conference, he stated, 'Bitcoin is the same as gold. Bitcoin should be traded like gold—globally, without exception.' 'Bitcoin is the future economy!'
Lutnick recently revealed during an interview with Professional Capital Management founder Anthony Pompliano, 'I own Bitcoin worth hundreds of millions of dollars, and I expect this number to reach billions soon.'
Other crypto enthusiasts
In addition, members of other departments' cabinets also hold some cryptocurrencies:
National Security Advisor Mike Waltz has also publicly disclosed his holdings in Bitcoin. The 2023 filing records show that Waltz owns between $50,000 and $100,000 in Bitcoin.
Director of National Intelligence Tulsi Gabbard was also disclosed in the second half of 2017 to hold between $1,000 and $15,000 in Litecoin and between $1,000 and $15,000 in Ethereum.
Secretary of Health and Human Services Robert Francis Kennedy Jr. has also stated that he would invest most of his wealth in cryptocurrencies and claims to be a staunch supporter of Bitcoin.
Right-hand man 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 the nominated candidates have a deep connection to cryptocurrencies.
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 establishing a streamlined government efficiency department. Musk has been appointed by Trump as a co-leader of the 'Department of Government Efficiency,' with the department's abbreviation matching the code for Dogecoin (DOGE), making him the most suitable person to convey the crypto spirit. Musk and Vivek Ramaswamy will work with the Office of Management and Budget (OMB) to address issues 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. He 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 experiencing hundredfold increases 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 significant amount of Dogecoin.'
Co-leader of the Department of Government Efficiency Vivek Ramaswamy
Vivek Ramaswamy, born in Cincinnati, Ohio, was once named 'India's Young Leader,' holds a J.D. from Yale University, and is a genius in the pharmaceutical industry, having founded the American pharmaceutical company Roivant Sciences in 2014. He later entered American politics and ran as a Republican in this year's presidential election, boasting quite a legendary experience.
He is very optimistic about cryptocurrencies. Not only does he claim to hold digital assets himself, but he has also publicly supported crypto compliance. At the 2023 Miami Bitcoin Conference, he announced that he would accept cryptocurrency donations for his campaign. At Messari's Mainnet conference, he actively expressed forward-looking views on cryptocurrencies and announced the upcoming cryptocurrency policy blueprint. In early November, he announced that his asset management company Strive would include Bitcoin in its clients' portfolios.
Conclusion
However, the completion of Trump's nominations does not mean these cabinet members can immediately take office; they must wait for Senate approval before assuming their positions. But under normal circumstances, the likelihood of the cabinet list proposed by Trump being approved by the Senate is quite high.
This 2.0 update seems to show that various departments are particularly friendly to the crypto industry, from economics to policies, but there is still a long way to go regarding regulation and compliance. With the approval of ETFs, interest rate cuts, and the completion of the 'crypto team,' we believe we can witness the arrival of the golden age of crypto together.
