A "crypto map" of members of Trump's new administration

Author: Weilin, PANews

Before winning the 2024 US election, Trump had explicitly promised to promote a pro-cryptocurrency policy stance. Now, as the list of members of his new government is gradually unveiled, the crypto trends of these members have quickly attracted the attention of the market.

This article will take stock of the cryptocurrency holdings and policy positions of eight members of Trump's new administration, from Vice President JD Vance to Secretary of Health and Human Services Robert F. Kennedy Jr. Among these core decision makers, some have directly invested in crypto assets, and some have conveyed their support for the crypto industry through policies and statements.

Vice President J.D. Vance: Holds hundreds of thousands of dollars in Bitcoin and supports cryptocurrencies

Holdings: Documents submitted to the U.S. Congress on August 13, 2024 show that Vance disclosed holdings of Bitcoin worth up to $100,000 to $250,000.

Crypto stance: JD Vance has always been a staunch supporter of cryptocurrencies and has made several important statements on this. His stance is very pro-cryptocurrency, which is 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 to protect cryptocurrency companies from regulatory pressure from banks and advocate more politically neutral supervision. On February 8, 2024, he, along with several Republican senators, criticized the U.S. Securities and Exchange Commission (SEC) for its handling of the DEBT Box case, accusing it of unethical and unprofessional behavior. On June 20, 2024, Vance expressed strong support for cryptocurrencies, sharing a post about cryptocurrency donations for Trump.

In terms of campaign financing, Vance received support from Super PAC (Super Political Action Committee) through Bitcoin supporter Peter Thiel.

On social media, Vance also frequently shared his bullish views on cryptocurrencies on platforms such as X (formerly Twitter), including a tweet on February 15, 2022 about the rise of cryptocurrencies due to the regime cutting off ties with banks.

Treasury Secretary Scott Bessent: A key member of Soros' team, publicly supports Bitcoin and the crypto economy

There is no public record of cryptocurrency holdings. Bessent runs the macro investment company Key Square Group. He worked for the famous investor George Soros 30 years ago. In 1992, Bessent became a key member of Soros' team, pushing bets on the collapse of the pound and earning the company more than $1 billion in profits. He left in 2015 to establish Key Square Group, which managed assets of more than $5 billion at its peak.

Today, Bitcoin and the entire cryptocurrency field have become his focus. "I'm very excited about (Trump's) embrace of cryptocurrencies, and I think it fits very well with the spirit of the Republican Party. Cryptocurrencies represent freedom, and the crypto economy will last a long time," he told Fox Business in July. "Cryptocurrencies attract young people and those who have not participated in the market before."

National Security Advisor Michael Waltz: Holds less than $100,000 in Bitcoin and promotes crypto-supportive policies

Holdings: 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 cryptocurrency, having made several important statements on it: voting in favor of the FIT21 bill, a very cryptocurrency bill, voting in favor of House Joint Resolution SAB 121, a cryptocurrency bill, and co-sponsoring the CBDC Anti-Surveillance State Act, which focuses on opposing the use of central bank digital currency (CBDC) as a surveillance tool.

Director of National Intelligence Tulsi Gabbard: Holds a small amount of Litecoin and Ethereum, and opposes the government's promotion of CBDC

Holdings: In the second half of 2017, held $1,000 to $15,000 in Litecoin and $1,000 to $15,000 in Ethereum.

Crypto stance: Although Gabbard said in her last disclosure in 2019 that she no longer holds cryptocurrencies, she has been critical of the government's moves to infringe on financial privacy and autonomy.

She believes that the push for central bank digital currencies (CBDCs) is a broader move by the government to try to increase control over the people, weakening the decentralized nature of cryptocurrencies like Bitcoin.

National Efficiency Department Co-Leader Elon Musk: Supporter of Bitcoin and Dogecoin

Holdings: Earlier this year, X Space showed that Musk once 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 held 11,509 BTC, worth about $1.11 billion.

Crypto stance: Although not a member of Trump's cabinet, Musk is undoubtedly close to the Trump camp and is, at least publicly, a supporter of cryptocurrency.

He is the co-leader of the newly established, Trump-appointed "Department of Government Efficiency," which has the same abbreviation as Dogecoin (DOGE). Musk often expresses support for Dogecoin, calling it "the people's cryptocurrency" and influencing its market value.

Commerce Secretary Howard Lutnick: Holds hundreds of millions of dollars in Bitcoin and provides custody services to Tether for many years

Holdings: Lutnick recently revealed in an interview with Anthony Pompliano, founder of Professional Capital Management: "I own hundreds of millions of dollars worth of Bitcoin, and I expect this number to reach billions soon."

Crypto stance: Lutnick is a super fan of Bitcoin. At the 2024 Bitcoin Conference, he said: "Bitcoin is the same as gold. Bitcoin should be traded like gold - globally, without exception." His company Cantor Fitzgerald has helped Tether manage a large inventory of U.S. Treasury bonds that support its USDT stablecoin since 2021. Cantor Fitzgerald also recently announced a Bitcoin financing business designed to provide leverage to Bitcoin investors with an initial capital of $2 billion.

Vivek Ramaswamy, co-leader of the National Efficiency Department: A former candidate who accepted cryptocurrency donations, his company includes Bitcoin in its investment portfolio

Since Ramaswamy was not a member of Congress before, he did not need to publicly disclose his cryptocurrency holdings. However, the billionaire businessman has been an active supporter of cryptocurrencies, and it is reported that he also holds digital assets.

For example, the former Republican presidential candidate who was once involved in the competition announced two years ago at the Bitcoin Conference in Miami in 2023 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 such as the SEC, calling it "enforcement-based regulation," and advocated for a framework that would promote innovation while ensuring consumer protection.

In addition, Ramaswamy's Strive Asset Management, which manages $1.7 billion in assets, announced in early November that it would include Bitcoin in its clients' portfolios.

Robert F. Kennedy Jr, Secretary of Health and Human Services: Most of the wealth is invested in Bitcoin, and he criticized the Biden administration's regulatory measures

Robert Kennedy Jr. has no public record of reporting cryptocurrencies to lawmakers, but the well-known Bitcoin supporter and former presidential candidate recently said that most of his wealth is invested in cryptocurrencies and has made multiple public statements on cryptocurrencies. "I am a strong supporter of Bitcoin, and I attended another Bitcoin conference a year ago," Kennedy Jr. said at a public event in November. "Most of my wealth is in Bitcoin, so I'm fully committed to it."

The member who will join the Trump administration also praised Bitcoin as a hedge against inflation in a November post. "Bitcoin is free money, a hedge against inflation for middle-class Americans, a remedy to the dollar's decline as the world's reserve currency, and an exit from the national debt catastrophe," he said in the post.

Kennedy also criticized current regulations, especially excessive restrictions on cryptocurrencies under the Biden administration. "I will end the Biden administration's war on Bitcoin," he said at the Bitcoin Conference in July. He advocated for a more open regulatory environment to guide innovation and maintain the United States' competitive advantage in the global financial landscape.