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 invest directly in crypto assets, while others express support for the crypto industry through policy and statements.
Article Author: Weilin
Source: PANews
Before winning the 2024 US election, Trump explicitly promised to promote a pro-crypto policy stance. Now, as his new government members' list is gradually revealed, their crypto movements have quickly drawn 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 invest directly in crypto assets, while others express support for the crypto industry through policy and statements.
Vice President J.D. Vance: Holds hundreds of thousands of dollars in Bitcoin, supports cryptocurrencies.
Holding Situation: Documents submitted to the US Congress on August 13, 2024, show that Vance disclosed holding Bitcoin worth between $100,000 and $250,000.
Crypto Position: JD Vance has been a staunch supporter of cryptocurrencies and has made several important statements on the matter. His stance is very pro-crypto, specifically reflected in the following aspects: first, support for the pro-crypto House Joint Resolution SAB 121.
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, along with several Republican senators, criticized the SEC's handling of the DEBT Box case, accusing its actions of being unethical and unprofessional. On June 20, 2024, Vance expressed strong support for cryptocurrencies, sharing posts about cryptocurrency donations for Trump.
In fundraising, Vance received support from Bitcoin supporter Peter Thiel for his Super PAC.
On social media, Vance frequently shares his optimistic views on cryptocurrencies on platforms like X (formerly Twitter), including a tweet on February 15, 2022, discussing the rise of cryptocurrencies due to regimes severing ties with banks.
Treasury Secretary Scott Bessent: Formerly a key member of the Soros team, publicly supports Bitcoin and the crypto economy.
There have been no public records of cryptocurrency holdings. Bessent runs a 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, betting on the collapse of the pound, earning over $1 billion for the firm. He left in 2015 to start Key Square Group, which managed over $5 billion at its peak.
Today, Bitcoin and the entire cryptocurrency space have become his focus. "I am very excited about (Trump) embracing cryptocurrencies; I think 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 Network 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 pro-crypto policies.
Holding Situation: Last year's disclosure records show that in 2023, Waltz owned Bitcoin worth between $50,000 and $100,000.
Crypto Position: Michael Waltz, a former Republican Congressman from Florida, has shown strong support in the cryptocurrency field, having made several important statements regarding cryptocurrencies: voting in favor of the crypto-friendly FIT21 bill, voting in favor of the crypto house joint resolution SAB 121, and co-sponsoring the CBDC anti-surveillance national bill, focusing on opposing the use of central bank digital currencies (CBDC) as surveillance tools.
Director of National Intelligence Tulsi Gabbard: Holds a small amount of Litecoin and Ethereum, opposes government promotion of CBDC.
Holding Situation: In the second half of 2017, held Litecoin worth between $1,000 and $15,000 and Ethereum worth between $1,000 and $15,000.
Crypto Position: Although Gabbard stated in her last disclosure in 2019 that she no longer held cryptocurrencies, she has consistently criticized government actions that infringe on financial privacy and autonomy.
She believes that efforts to promote central bank digital currencies (CBDC) are part of a broader government initiative to tighten control over the public, undermining the decentralized nature of cryptocurrencies like Bitcoin.
Co-leader of the Department of National Efficiency Elon Musk: Supporter of Bitcoin and Dogecoin.
Holding Situation: Early this year, X Space showed that Musk said, "I still hold a lot of Dogecoin, and SpaceX also holds a lot of Bitcoin." As of November 21, Arkham Intelligence showed that Tesla holds 11,509 BTC, valued at about $1.11 billion.
Crypto Position: Although not a member of Trump's cabinet, Musk is undoubtedly closely related to Trump's camp and is at least a public supporter of cryptocurrencies.
He is one of the co-leaders of the newly established 'Department of Government Efficiency' appointed by Trump, whose acronym 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.
Commerce Secretary Howard Lutnick: Holds hundreds of millions of dollars in Bitcoin, has provided custodial services for Tether for years.
Holding Situation: Lutnick recently revealed in an interview with Professional Capital Management founder Anthony Pompliano, "I own Bitcoin worth hundreds of millions of dollars, and I expect that number will soon reach billions."
Crypto Position: Lutnick is a super fan of Bitcoin. At the 2024 Bitcoin conference, he stated, "Bitcoin is like gold. Bitcoin should be traded like gold — globally, without exception." His company Cantor Fitzgerald has helped Tether manage a large inventory of US Treasury bonds backing its USDT stablecoin since 2021. Cantor Fitzgerald recently announced a Bitcoin financing business aimed at providing leverage for Bitcoin investors, with an initial funding of $2 billion.
Co-leader of the Department of National Efficiency Vivek Ramaswamy: Previously a candidate accepting cryptocurrency donations, his company incorporates Bitcoin into its portfolio.
Since Ramaswamy was not a congressman earlier, he did not need to publicly disclose his cryptocurrency holdings. However, this billionaire businessman has actively supported cryptocurrencies, and reports suggest he himself holds digital assets.
For example, this former Republican presidential candidate announced two years ago at the 2023 Bitcoin conference in Miami that he would accept cryptocurrency donations for his campaign.
Ramaswamy also emphasized the need for clear regulation of cryptocurrencies. He criticized the current regulatory approach of 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' portfolios.
Secretary of Health and Human Services Robert F. Kennedy Jr: Invests most of his wealth in Bitcoin, criticizes the Biden administration's regulatory measures.
Robert Kennedy Jr does not have a public record of cryptocurrency holdings as a congressman, but this well-known Bitcoin supporter and former presidential candidate recently stated that he would use most of his wealth to invest in cryptocurrencies and has made several public statements regarding cryptocurrencies. Young 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 about to join the Trump administration also praised Bitcoin in a post in November as a hedge against inflation. "Bitcoin is free money, 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 exit from the national debt disaster," he stated in the post.
Kennedy also criticized the current regulatory measures, particularly the excessive restrictions on cryptocurrencies under the Biden administration. He stated at this year's Bitcoin conference in July, "I will end the Biden administration's war on Bitcoin." He advocates for a more open regulatory environment to guide innovation and maintain the US's competitive edge in the global financial landscape.
