Author: Weilin, PANews
Before winning the 2024 U.S. presidential election, Trump clearly promised to promote a pro-cryptocurrency policy stance. Now, as the list of his new government members is gradually revealed, the crypto movements of these members have quickly attracted 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 have directly invested in crypto assets, while others have expressed support for the crypto industry through policies and statements.
Vice President J.D. Vance: Holds Hundreds of Thousands of Dollars in Bitcoin, Strongly Supports Cryptocurrency
Holdings: Documents submitted to the U.S. Congress on August 13, 2024, show that Vance disclosed holding Bitcoin valued between $100,000 and $250,000.
Crypto Stance: JD Vance has been a staunch supporter of cryptocurrency and has made several important statements on the matter. His stance is very pro-cryptocurrency, specifically reflected in several aspects: First, he supports 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 banking regulatory pressure, advocating for more politically neutral oversight. 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 its actions of being unethical and unprofessional. On June 20, 2024, Vance expressed strong support for cryptocurrency, sharing a post about making cryptocurrency donations for Trump.
In fundraising, Vance received support from Bitcoin supporter Peter Thiel through a Super PAC.
On social media, Vance frequently shares his positive views on cryptocurrency on platforms like X (formerly Twitter), including a tweet on February 15, 2022, discussing how cryptocurrency has emerged due to regimes severing ties with banks.
Treasury Secretary Scott Bessent: Former Key Member of Soros Team, Publicly Supports Bitcoin and Crypto Economy
There are no public records of cryptocurrency holdings. Bessent runs the macro investment firm Key Square Group. He worked for renowned investor George Soros 30 years ago. In 1992, Bessent became a key member of Soros's team, pushing for a bet against the pound's collapse, earning the firm over $1 billion in profits. He left in 2015 to found Key Square Group, which at its peak managed over $5 billion in assets.
Today, Bitcoin and the entire cryptocurrency space have become his focus. "I am very excited about (Trump) embracing cryptocurrency; I think it aligns very well with the spirit of the Republican Party. Cryptocurrency represents freedom, and the crypto economy will endure," he stated in an interview with Fox Business Channel this July. "Cryptocurrency attracts 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 Crypto Support Policies
Holdings: Last year's disclosure records show that in 2023, Waltz held between $50,000 and $100,000 in Bitcoin.
Crypto Stance: Michael Waltz, a former Republican Congressman from Florida, has shown strong support for cryptocurrency, making several important statements on the matter: voting in favor of the pro-cryptocurrency FIT21 bill, voting in support of the SAB 121 House Joint Resolution, and co-sponsoring the CBDC Anti-Surveillance National Bill, which focuses on opposing the use of Central Bank Digital Currency (CBDC) as a surveillance tool.
Director of National Intelligence Tulsi Gabbard: Holds Small Amounts of Litecoin and Ethereum, Opposes Government Push for CBDC
Holdings: In the second half of 2017, she held between $1,000 and $15,000 in Litecoin and between $1,000 and $15,000 in Ethereum.
Crypto Stance: Although Gabbard stated in her last disclosure in 2019 that she no longer held cryptocurrency, she has consistently criticized government actions that infringe on financial privacy and autonomy.
She believes that efforts to promote Central Bank Digital Currency (CBDC) are part of a broader government initiative to strengthen control over the populace, undermining the decentralized nature of cryptocurrencies like Bitcoin.
Co-Leader of the Department of Efficiency Elon Musk: Supporter of Bitcoin and Dogecoin
Holdings: Early this year, Musk stated in an X Space that "I still hold a lot of Dogecoin, and SpaceX also holds a lot of Bitcoin." As of November 21, Arkham Intelligence shows that Tesla holds 11,509 BTC, valued at approximately $1.11 billion.
Crypto Stance: 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 cryptocurrency.
He is a co-leader of the newly established "Department of Efficiency," appointed by Trump, which has an abbreviation that matches the code for Dogecoin (DOGE). Musk often expresses his support for Dogecoin, calling it "the people's cryptocurrency," and has influenced its market value.
Secretary of Commerce Howard Lutnick: Holds Hundreds of Millions in Bitcoin, Provides Custody Services for Tether for Years
Holdings: Lutnick recently revealed in an interview with Professional Capital Management founder Anthony Pompliano, "I own Bitcoin worth hundreds of millions, and I expect that number to reach billions soon."
Crypto Stance: Lutnick is a super fan of Bitcoin. At the 2024 Bitcoin Conference, he stated, "Bitcoin is the same as gold. Bitcoin should be traded like gold—globally, without exception." His company, Cantor Fitzgerald, has been helping Tether manage a large inventory of U.S. Treasury bonds backing its USDT stablecoin since 2021. Cantor Fitzgerald recently announced a Bitcoin financing business aimed at providing leverage for Bitcoin investors, with initial funding of $2 billion.
Co-Leader of the Department of Efficiency Vivek Ramaswamy: Former Candidate Accepting Cryptocurrency Donations, His Company Incorporates Bitcoin into Investment Portfolio
Since Ramaswamy was not previously a congressman, he is not required to publicly disclose his cryptocurrency holdings. However, this billionaire businessman has been actively supportive of cryptocurrency, and reports suggest he personally 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 has also emphasized the need for clear regulation of cryptocurrency. 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 earlier this month that it would incorporate Bitcoin into its clients' investment portfolios.
Secretary of Health and Human Services Robert F. Kennedy Jr: Invests Most of His Wealth in Bitcoin, Criticizes Biden Administration's Regulatory Measures
Robert Kennedy Jr. does not have public records of cryptocurrency holdings as a congressman, but this well-known Bitcoin supporter and former presidential candidate recently stated that he invests most of his wealth in cryptocurrency and has made several public statements about it. In a public event in November, Kennedy stated, "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."
This member, who is set to join Trump's government, also praised Bitcoin as a hedge against inflation in a post in November. "Bitcoin is free money, a hedge for middle-class Americans against inflation, a remedy for the declining status of the dollar as the world's reserve currency, and an exit from the disaster of national debt," he stated in the post.
Kennedy also criticized current regulatory measures, particularly the excessive restrictions on cryptocurrency under the Biden administration. At the Bitcoin Conference in July this year, he stated, "I will end the Biden administration's war on Bitcoin." He advocates for a more open regulatory environment to guide innovation and maintain the U.S.'s competitive advantage in the global financial landscape.
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