Author: shaofaye123, Foresight News
Only two weeks have passed since Trump's election, and his 2.0 cabinet has already been 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 cryptocurrency.
The newly elected President Trump himself holds more than $5 million in cryptocurrency. According to Arkham data, Donald Trump currently holds $5.4 million in cryptocurrency, with his largest asset being ETH, consisting of 495.664 ETH, worth about $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).
2.0 Cabinet List Overview
On November 23, Trump announced that he would nominate former White House aide Brooke Rollins as Secretary of Agriculture. With this, Trump's 2.0 cabinet has been fully formed, and the speed and efficiency of this nomination have drawn 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 are quite different from version 1.0, ranging from financial giants to medical geniuses to news anchors. Compared to the 'Dream Team', this update seems more eye-catching. Among the 25 cabinet members in version 2.0 (excluding Trump), a significant proportion are cryptocurrency-friendly individuals, all of whom have varying degrees of support for cryptocurrency, with some having publicly disclosed their cryptocurrency holdings.
Vice President J.D. Vance: A steadfast supporter of cryptocurrency
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 U.S. history this year with just two years of political experience. J.D. Vance's upbringing was quite challenging, with a complex family background; his mother struggled with drugs and alcohol and he was raised by his grandparents. After graduating high school, Vance joined the U.S. Marine Corps and served in the Iraq War. After his service, he attended Ohio State University and Yale Law School, earning bachelor's degrees 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 cryptocurrency, advocating for more lenient policies on digital asset regulation. This year, he drafted a series of guidelines for the cryptocurrency industry, including supporting the repeal of the SAB-121 accounting standards and reforming legislative proposals for digital asset regulation. Currently, Vance's proposal has received support from 71 Democratic representatives and is expected to be submitted soon.
J.D. Vance's attitude towards cryptocurrency is very friendly, having mentioned cryptocurrency publicly multiple times. Opposing Canadian authorities' ban on bank accounts of truckers during the pandemic, he stated, 'This is the reason why cryptocurrency is thriving. If your political views are wrong, the regime will cut off your access to banking services.' In February of this year, when the SEC initiated enforcement actions against the cryptocurrency mining company Debt Box, he also expressed his concerns.
The most recent disclosure of J.D. Vance's holdings shows that as of 2022, he owns Bitcoin worth between $100,001 and $250,000, held through Coinbase. J.D. Vance also opened accounts with Robinhood and Charles Schwab but has not disclosed specific holding details.
The new 'God of Wealth' is a cryptocurrency enthusiast
Treasury Secretary Scott Bensent
The Treasury Department is the central hub of U.S. government economic governance. It is a department that manages major economic affairs, responsible for financial management, policy formulation, and financial regulation.
Scott Bensent, as a hedge fund giant, is a celebrity in the New York 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 and earning over $1 billion. He left in 2015 to found Key Square Group, managing over $5 billion at its peak.
He is the first openly supportive nominee for Secretary of the Treasury in the U.S. In interviews, he has never hesitated to express his love for cryptocurrency, stating, 'Cryptocurrency aligns very well 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 not yet been a publicly disclosed record of Bensent's cryptocurrency holdings.
Secretary of Commerce Howard Lutnick
The U.S. Department of Commerce is primarily responsible for trade investment, export controls, semiconductor chip research, and artificial intelligence, as well as coastal fisheries and patents, among other things. Additionally, it oversees the Census Bureau, National Weather Service, and National Oceanic and Atmospheric Administration. It plays a leading role in economic policy, international trade, and high-tech development. For cryptocurrency, it determines the future direction and resource allocation of U.S. policy in this emerging field.
Secretary of Commerce Lutnick, a Jewish financier and major donor during Trump's campaign, was born in 1961 and graduated from Hofstra University. He previously worked at Cantor Fitzgerald and became its CEO. Since 2021, Cantor Fitzgerald has been conducting business related to cryptocurrency, helping Tether manage the U.S. Treasury inventory that supports its USDT stablecoin. Recently, he announced a Bitcoin financing business that will provide leverage for Bitcoin investors, with initial funding of up to $2 billion. After being nominated as Secretary of Commerce, he plans to hand over his company's Tether business relationship to his son Brandon Lutnick.
He is also quite positive about cryptocurrency, stating, 'We have the largest capital market and the strongest financial system, and if we do not take the lead in promoting the widespread adoption of cryptocurrency, we will lose this advantage.' As a super fan of Bitcoin, Lutnick has publicly supported Bitcoin's development multiple times. At the 2024 Bitcoin Conference, he said, 'Bitcoin is the same as gold. Bitcoin should be traded like gold—globally, without exception.' 'Bitcoin is the future of the economy!'
Lutnick recently revealed during an interview with Professional Capital Management founder Anthony Pompliano, 'I own billions of dollars worth of Bitcoin, and I expect that number to reach tens of billions soon.'
Other cryptocurrency-friendly individuals
In addition, other cabinet members from different departments also hold some cryptocurrency:
National Security Advisor Mike Waltz has also publicly disclosed his holdings of Bitcoin. Records filed in 2023 show that Waltz owns between $50,000 and $100,000 in Bitcoin.
Director of National Intelligence Tulsi Gabbard was also disclosed to have held between $1,000 and $15,000 in Litecoin and between $1,000 and $15,000 in Ethereum in the second half of 2017.
Secretary of Health and Human Services Robert Francis Kennedy Jr. has also stated that he will invest most of his wealth in cryptocurrency and claims to be a staunch supporter of Bitcoin.
Right-hand man Musk
The Department of Government Efficiency (D.O.G.E), a new initiative proposed by Trump, aims to reduce the federal budget deficit and increase the efficiency and effectiveness of government operations. Both of the 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 department's abbreviation sharing the same code as Dogecoin (DOGE), making him the most suitable person to convey the cryptocurrency spirit. Musk and Ramaswamy will work with the Office of Management and Budget (OMB) to address 'massive waste and fraud' in government spending.
Elon Reeve Musk was born in South Africa and is undoubtedly an outstanding businessman, known for his key roles in SpaceX and 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 significantly impacted cryptocurrency, with PAC, PNUT, WOULD, etc. rising hundreds of times under his influence.
In terms of cryptocurrency assets, according to Arkham Intelligence, Tesla holds 11,509 BTC, worth approximately $1.11 billion, while Musk personally 'still holds a large amount of Dogecoin.'
Co-leader of the Department of Government Efficiency Vivek Ramaswamy
Vivek Ramaswamy was born in Cincinnati, Ohio, and once was an 'Indian Young Leader', holding a Juris Doctor from Yale University. A genius in the pharmaceutical industry, he founded the American pharmaceutical company Roivant Sciences in 2014. He later entered American politics and ran for president this year as a Republican, with quite a legendary experience.
He is very optimistic about cryptocurrency. Not only does he claim to hold digital assets himself, but he has also publicly supported cryptocurrency 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 shared his forward-looking views on cryptocurrency and announced an 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 that these cabinet members can immediately take office; they still need to wait for confirmation from the Senate. However, under normal circumstances, the cabinet list proposed by Trump is very likely to be approved by the Senate.
The 2.0 update appears to be particularly friendly to the cryptocurrency industry across various departments, although 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 dream team', we believe we can witness the arrival of the golden age of cryptocurrency together.
