Author: Lu Mengxue, a reporter of China Times
On November 23rd, local time, President-elect Trump of the United States announced the nomination of Brooke Rollins as Secretary of Agriculture. So far, all the cabinet ministers of Trump's new administration have been determined. In addition, Trump has nominated several high-level officials in the past few weeks.
From the list of the new government, in addition to Musk, Howard Lutnick and other well-known names in the crypto market, many cabinet officials are firm supporters of cryptocurrencies and have publicly disclosed their cryptocurrency holdings, including the nominated vice president, secretary of the treasury, secretary of commerce, secretary of health and human services, director of national intelligence, etc.
Since the US election, Bitcoin has been on a long run. On November 22, it broke through $99,000 and once approached the $100,000 mark, setting a new record again.
Related analysts pointed out that factors such as the increase in policy-friendly expectations, the continuous entry of funds, and the beginning of institutional layout will support the long-term positive development of the crypto market. The relatively friendly political trend in the United States is also encouraging Hong Kong and other regions to further relax virtual asset policies.
Many nominees have cryptocurrency holdings
The U.S. government cabinet consists of the president, vice president, ministers of various departments, and other members designated by the president. With Trump announcing the nomination of Brooke Rollins as Secretary of Agriculture, the positions of the vice president and 15 cabinet ministers of the new Trump administration have been determined.
Due to Trump's relevant promises during the campaign, members of his new government team have attracted much attention in the crypto market. Reporters noticed that more than 5 officials on the list of Trump's nominees are cryptocurrency-friendly and have announced their cryptocurrency holdings.
Among them, Trump's nominee for vice president, J.D. Vance, often publicly expresses his support for cryptocurrencies. He once disclosed that as of 2022, he owned a total of $100,001 to $250,000 worth of Bitcoin. In 2022, while serving as a federal senator from Ohio, Vance advocated a more relaxed policy on digital asset regulation. In 2023, Vance also proposed a bill to protect cryptocurrency companies from regulatory pressure from banks and advocate more politically neutral supervision.
Scott Bessent, Trump's nominee for Treasury Secretary, was once a key member of the Soros team and is known for his support for cryptocurrency. He once said in an interview: "I am very excited about (Trump's) embrace of cryptocurrency. I think it fits the spirit of the Republican Party very well. Cryptocurrency represents freedom, and the crypto economy will exist for a long time."
Michael Waltz, Trump's nominee for National Security Advisor, once disclosed that he owned $50,000 to $100,000 in Bitcoin in 2023. He has been promoting policies that are favorable to cryptocurrencies and has made several important statements on cryptocurrencies, including voting in favor of the FIT21 bill, a very cryptocurrency bill, and voting in favor of the SAB 121 House Joint Resolution, a cryptocurrency bill.
Howard Lutnick, chairman and CEO of Cantor Fitzgerald, was appointed by Trump as the next U.S. Secretary of Commerce on November 20. Howard is also quite positive about cryptocurrencies. He once revealed: "I own hundreds of millions of dollars worth of Bitcoin, and I expect that number to reach billions soon."
His Cantor Fitzgerald has also carried out many cryptocurrency-related businesses and has been the custodian of Tether since the end of 2021. Recently, it has been reported that Howard is exploring strengthening financial ties with Tether and plans to launch a $2 billion project to provide US dollar loans to customers with Bitcoin as collateral.
Robert F. Kennedy Jr, the nominated Secretary of Health and Human Services, is also a well-known Bitcoin supporter. He said in November: "I am a strong 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."
Tulsi Gabbard, the nominated Director of National Intelligence, also disclosed that in the second half of 2017, she held $1,000 to $15,000 in Litecoin and $1,000 to $15,000 in Ethereum.
In addition, Pete Hegseth, who Trump will nominate as US Secretary of Defense, has also expressed his adherence to the decentralized value of Bitcoin and promised not to sell Bitcoin.
In addition to cabinet ministers, Musk, who is expected to lead the "Department of Government Efficiency", is also a "trendsetter" in the cryptocurrency market. As of November 21, Arkham statistics show that Tesla holds 11,509 BTC, worth about $1.11 billion.
Galaxy Digital CEO Michael Novogratz recently said that the Trump administration has brought about a "paradigm shift" in cryptocurrency regulation. He pointed out that almost all members of Trump's cabinet hold Bitcoin and are supporters of digital assets. They generally support innovation, digital assets and Bitcoin development.
The United States is encouraging other regions to further relax virtual asset policies
In the early morning of November 22, Bitcoin broke through $99,000, setting a new record high again. Subsequently, the price of the currency fell sharply, falling to a minimum of $90,800 in the early morning of November 27, and then rebounded. As of press time, Bitcoin was reported at $93,474.51.
Since the US election, the price of Bitcoin has risen from $70,000 to nearly $100,000. After Trump's victory, the increase in Bitcoin exceeded 30%, driving the overall market value of the cryptocurrency market to grow by more than $800 billion.
Previously, regulatory forces represented by the US Securities and Exchange Commission (SEC) implemented strict policies on cryptocurrencies. According to public data from the SEC, there were 46 enforcement actions initiated by the agency in the field of cryptocurrency in 2023, an increase of 53% from 2022. As of the end of 2023, the total fines against crypto market participants were approximately $2.89 billion, of which $281 million came from settlements reached that year.
Recently, according to media reports, the Trump administration hopes to expand the power of the Commodity Futures Trading Commission (CFTC) and grant it the power to regulate a large part of the digital asset market. The market believes that this move is aimed at weakening some of the SEC's regulatory powers over the digital asset industry.
Livio Weng, CEO of HashKey Exchange, a Hong Kong-based compliant cryptocurrency exchange, said in an interview with a reporter from the China Times that he is optimistic and cautious about the overall development of the cryptocurrency market. After Trump takes office, he will gradually fulfill his campaign promises. These measures will create a more favorable market environment for Bitcoin and expand its upside potential.
"At present, it seems that Bitcoin still needs to rest and accumulate strength before breaking through $100,000." Livio Weng said that in addition to the impact of Trump's victory and the Fed's interest rate cut expectations, the more direct reason for this round of Bitcoin's rise is MicroStrategy's large-scale increase in Bitcoin holdings. It has purchased $10 billion in two weeks, which has also triggered a trend of more listed companies hoarding coins. "Specifically, factors such as increased expectations for policy friendliness, continued capital inflows, and institutional layouts will support the long-term positive development of the market."
Livio Weng also mentioned that the relatively friendly political trend of the United States is also encouraging Hong Kong and other regions to further relax virtual asset policies in order to compete to become the hub for the development of the global Web3 industry. "We have noticed that many applications in Hong Kong have been approved at an accelerated pace recently."
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