The cryptocurrency industry may welcome a more positive policy direction.

Author: Chaos Labs

Translation: Deep Tide TechFlow

Trump's Cabinet Picks: Potential Boosters for Cryptocurrency?

The list of cabinet nominees recently announced by Donald Trump has sparked widespread attention. This edition of the Edge series will focus on key nominees who may positively impact the cryptocurrency industry.

@howardlutnick (Transition Team Leader and Commerce Secretary Nominee)

First, we look at Howard Lutnick, who is considered the leader of Trump's transition team and is also the CEO of Cantor Fitzgerald. He is a publicly supportive entrepreneur of cryptocurrency and is currently nominated for the future Secretary of Commerce. Previously, he was also considered for the position of Secretary of the Treasury.

Under Lutnick's leadership, Cantor Fitzgerald has been actively exploring the blockchain and digital asset space. For example, Cantor Fitzgerald has served as the custodian for Tether's bond portfolio and recently made a strategic investment in Tether.

Scott Bessent (Secretary of the Treasury Nominee)

As a seasoned hedge fund manager, Scott Bessent has a deep understanding of financial innovation and has publicly expressed support for cryptocurrency multiple times. He has stated, "Cryptocurrency represents freedom, and cryptocurrency will exist in the long term."

Compared to previous popular candidate Henry Paulson, Bessent is clearly more friendly towards the crypto industry. Paulson publicly criticized cryptocurrency in 2021, claiming it has no intrinsic value and accusing it of excessive price volatility.

@TulsiGabbard (Director of National Intelligence Nominee)

Tulsi Gabbard's nomination as Director of National Intelligence could have significant implications for the cryptocurrency industry. She has long advocated for privacy protection and decentralization.

Additionally, Gabbard has a direct connection to cryptocurrency. She disclosed in 2018 that she purchased @ethereum (ETH) and @litecoin (LTC) during the crypto bull market in 2017. She has also publicly supported Bitcoin multiple times, viewing it as a tool for achieving financial sovereignty and an effective means to combat government overreach.

@RobertKennedyJr (Secretary of Health and Human Services Nominee)

Robert F. Kennedy Jr. has publicly expressed support for Bitcoin, viewing it as a powerful tool against the devaluation of fiat currency. Although his position is not directly related to the crypto industry, in a Trump administration, RFK Jr. is likely to be an ally rather than an opponent of cryptocurrency.

@PamBondi (Attorney General Nominee)

Pam Bondi's nomination came after @mattgaetz withdrew. Matt Gaetz previously stepped down due to intense scrutiny within the Republican Party, which could be a potential loss for the cryptocurrency industry.

Matt Gaetz has been a staunch advocate for personal privacy and has pushed through several pieces of legislation supporting cryptocurrency, including the FIT21 Act, the SAB121 Act, and the Anti-CBDC Surveillance State Act. He has also publicly supported pardoning Edward Snowden.

Pam Bondi is a former Attorney General of Florida, but she has not publicly stated her position on cryptocurrency. As a candidate for Attorney General, her policy direction remains uncertain.

@michaelgwaltz (National Security Advisor Nominee)

Michael Waltz is an active advocate for the development of the U.S. cryptocurrency industry. He has repeatedly emphasized the important role of cryptocurrency in enhancing economic competitiveness and technological independence, while also effectively limiting government overreach.

Waltz's pro-crypto stance is also reflected in his legislative record, as he co-sponsored the Anti-CBDC Surveillance State Act and voted in favor of SAB121 and FIT21.

@BrendanCarrFCC (FCC Chairman Nominee)

Brendan Carr, currently the Republican leader of the Federal Communications Commission (FCC), is expected to take over as FCC Chairman. Although Carr has not explicitly stated his views on Bitcoin or cryptocurrency, he is known for his strong anti-censorship stance and support for technological innovation.

Under his leadership, the FCC may provide more support for the technological infrastructure development of the cryptocurrency industry.

@HesterPeirce & Mark Uyeda (Potential Candidates for SEC Chairman)

Hester Peirce has been a steadfast supporter of clarifying digital asset regulation. If she is nominated as SEC Chairman, it could bring a more favorable policy environment for the cryptocurrency industry, reducing uncertainty and alleviating regulatory agencies' tough stance on the crypto sector. Peirce's appointment would undoubtedly be a significant victory for the cryptocurrency industry, but rumors suggest she has already declined the possibility of this nomination.

Another candidate nominated for SEC Chairman is current SEC Commissioner Mark Uyeda. He has been critical of the SEC's tough policies on cryptocurrency in recent years and has consistently called for clear and predictable regulatory rules.

Although these nominations have not been finalized, early signs suggest that the cryptocurrency industry may welcome a more positive policy direction. Notably, Trump's attitude towards China as a major competitor to the U.S. may further influence cryptocurrency policy. Despite China's repeated bans on cryptocurrency activities, it still dominates the Bitcoin mining sector. Trump has promised at the Bitcoin2024 conference to push for policies that bring computing power back to the U.S., which could become a focal point of future policies.

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