Written by: shaofaye123, Foresight News
It has only been two weeks since Trump was elected, and his 2.0 cabinet has been nominated. Among its members are not only Bitcoin believers, but also altcoin and Dogecoin supporters. This article will take you through Trump 2.0 and its cryptocurrency stance.
The new president Trump himself owns more than $5 million in cryptocurrency. According to Arkham data, Donald Trump currently holds $5.4 million in cryptocurrency, and his largest holding is ETH, holding 495.664 ETH, about $1.7 million. His top five holdings also include: WETH (about $1.64 million), TRUMP (about $1 million), TROG (about $400,000), and GUA (about $150,000).
On November 23, Trump announced that he would nominate former White House aide Brooke Rollins as Secretary of Agriculture. So far, Trump 2.0 Cabinet has been formed. The speed and efficiency of this nomination have attracted attention from the outside world.
The above is the complete list of Trump's cabinet (some positions require Senate confirmation) Source: Political News
The members of Trump 2.0 Cabinet are very different from the 1.0 version. From financial tycoons to medical geniuses to news anchors, compared with the "Dream Team", this update seems to be more eye-catching. Among the 25 members of the 2.0 version of the cabinet (except Trump), a large number of them are crypto-friendly people. They all support cryptocurrencies to varying degrees, and some have even publicly disclosed their crypto asset holdings.
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 this year with two years of political experience. J.D. Vance had a rough upbringing, a complicated family background, and his mother was troubled by drugs and alcohol for a long time. He was raised by his grandparents. After graduating from high school, Vance joined the U.S. Marine Corps and participated in the Iraq War. After retiring, he studied at Ohio State University and Yale Law School, and received a bachelor's degree in political science and philosophy and a doctorate in law respectively.
Vance is widely known for his best-selling book Hillbilly Elegy, which not only made him famous, but is also considered one of the key works in Trump's 2016 election victory. In 2022, Vance won a seat in the Ohio Senate with his positive stance on cryptocurrencies, advocating a more relaxed policy on digital asset regulation. This year, he drafted a series of guidelines for the crypto industry, including supporting the repeal of SAB-121 accounting standards and draft legislation to reform digital asset regulation. Currently, Vance's draft has won the support of 71 Democratic House members and is expected to be formally submitted soon.
J.D. Vance has a very friendly attitude towards cryptocurrencies and has publicly mentioned cryptocurrencies many times. When opposing the Canadian authorities' ban on the bank accounts of drivers under epidemic control, he said, "This is why cryptocurrencies are booming. If you have the wrong political views, the regime will cut off your access to banking services." In February of this year, he also raised questions when the SEC launched an enforcement action against the cryptocurrency mining company Debt Box.
J.D. Vance's latest disclosed holdings show that as of 2022, J.D. Vance owns Bitcoin worth between $100,001 and $250,000, and holds these assets through Coinbase. J.D. Vance also opened accounts at Robinhood and Charles Schwab, but did not disclose specific holdings.
The Treasury Department, the center of the U.S. government's economic governance. A department that controls all major brokerage affairs, responsible for financial affairs management, brokerage policy formulation, financial supervision, etc.
Scott Bessant, as a hedge fund tycoon, 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 promoted the collapse of the British pound, became famous in one battle, and earned more than $1 billion. In 2015, he left and founded Key Square Group, which managed assets of more than $5 billion at its peak.
He is the first nominee for US Treasury Secretary to publicly support cryptocurrency. In an interview, he never hesitated to express his love for cryptocurrency. He said, "Cryptocurrency is very consistent with the spirit of the Republican Party." "Cryptocurrency represents freedom, and the crypto economy is an irreversible trend." Unfortunately, there is no record of Bessant's publicly disclosed cryptocurrency holdings.
The U.S. Department of Commerce is mainly responsible for trade and investment, export controls, semiconductor chip research and artificial intelligence, as well as coastal fisheries and patents. In addition, it is responsible for overseeing 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 cryptocurrency, he determines the future policy direction and resource allocation of the United States in this emerging field.
Secretary of Commerce Lutnick, a Jewish financier, was a major donor to Trump's campaign. Lutnick was born in 1961 and graduated from Hofstra University. He worked at Cantor Fitzgerald and became its CEO. Cantor Fitzgerald has been engaged in cryptocurrency-related business since 2021, helping Tether manage the U.S. Treasury inventory that supports its USDT stablecoin. Recently, it also announced a Bitcoin financing business that will provide leverage to Bitcoin investors with initial funds of up to $2 billion. After being nominated by Trump as Secretary of Commerce, he plans to hand over the company's Tether business relationship to his son Brandon Lutnick.
His attitude towards cryptocurrency is also quite positive. "We have the largest capital market and the strongest financial system. If we don't take the lead in promoting the widespread use of cryptocurrency, 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 said, "Bitcoin is the same as gold. Bitcoin should be traded like gold - globally, without exception." "Bitcoin is the economy of the future!" Lutnick recently revealed his holdings in an interview with Anthony Pompliano, founder of Professional Capital Management, "I own hundreds of millions of dollars worth of Bitcoin, and I expect that number to reach billions soon." Other crypto-friendly people In addition, cabinet members of other departments also hold some cryptocurrencies: National Security Advisor Mike Waltz has also publicly disclosed his holdings of Bitcoin. The 2023 filing records show that Waltz owns between $50,000 and $100,000 in Bitcoin.
National Intelligence Director Tulsi Gabbard was also revealed to hold between $1,000 and $15,000 in Litecoin and $1,000 and $15,000 in Ethereum in the second half of 2017.
Robert Kennedy Jr., Secretary of Health and Human Services, also said that he would invest most of his wealth in cryptocurrencies and claimed to be a staunch supporter of Bitcoin.
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 its nominated candidates have a deep affinity with cryptocurrencies.
The concept of the Department of Government Efficiency (DOGE) originated from a discussion between Elon Musk and Donald Trump, in which Musk proposed the idea of establishing a streamlined government efficiency department. Musk was appointed by Trump as the co-leader of the "Department of Government Efficiency". The abbreviation of the department is the same as the code of Dogecoin (DOGE), and it is most appropriate for him to convey the spirit of encryption. Musk and Ramaswamy will work with the Office of Management and Budget (OMB) budget management department to solve the problem of "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 the space company SpaceX and the car company Tesla, Inc. He also owns X Corp, the company that operates the social media platform X (formerly Twitter). As of November 2024, Forbes estimates his net worth to be $304 billion. As a key member of the Trump camp, he has publicly supported Trump many times, and his tweets have had an important impact on cryptocurrencies. PAC, PNUT, WOULD, etc. have all been affected by them and have risen a hundredfold. In terms of crypto assets, according to Arkham Intelligence, Tesla holds 11,509 BTC, worth about $1.11 billion, while Musk personally "still holds a large amount of Dogecoin."
Vivek Ramaswamy was born in Cincinnati, Ohio. He was once an "Indian Young Talent", a doctor of law from Yale University, and a genius in the pharmaceutical industry. He founded the American pharmaceutical company Roivant Sciences in 2014. He later entered the American political arena and participated in this year's presidential election as a Republican. He has a very legendary experience.
He is very optimistic about cryptocurrencies. Not only does he claim that he holds digital assets, he has also publicly supported crypto compliance. At the 2023 Miami Bitcoin Conference, he also announced that he would accept cryptocurrency donations for his campaign. At Messari's Mainnet conference, he also actively expressed his 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.
However, after Trump completes the nomination, it does not mean that these cabinet members can take office immediately. They still need to wait for the Senate to pass the trial before they can take office. But under normal circumstances, there is a high possibility that the cabinet list proposed by Trump will be approved by the Senate.
In this 2.0 update, from economy to policy, all departments seem to be particularly friendly to the crypto industry, but there is still a long way to go for supervision and compliance. With the passage of ETFs, the interest rate cuts, and the completion of the formation of the "Crypto Group", I believe we can witness the arrival of the golden age of crypto together.
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