Author: Weilin, PANews
Before winning the 2024 US presidential election, Trump had clearly promised to promote a pro-cryptocurrency policy stance. Now, as the list of members of his new administration is gradually unveiled, the crypto moves of these members have quickly attracted market attention.
This article will review the cryptocurrency holdings and policy positions of 8 members of the new Trump administration, from Vice President JD Vance to Secretary of Health and Public Services Robert F. Kennedy Jr. Among these core decision-makers, some have directly invested in crypto assets, while others have conveyed support for the crypto industry through policies and statements.
Vice President J.D. Vance: Holds tens of thousands of dollars in Bitcoin, strongly supports cryptocurrency
Holdings: Documents filed with the US Congress on August 13, 2024 show that Vance disclosed holding between $100,000 and $250,000 worth of Bitcoin.
Crypto Position: 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 the following aspects: First, he supports the pro-crypto House Joint Resolution SAB 121.
Secondly, in statements and actions, on July 13, 2023, Vance introduced a bill aimed at protecting cryptocurrency companies from regulatory pressure from banks, advocating for more politically neutral oversight. On February 8, 2024, he joined several Republican senators in criticizing the US Securities and Exchange Commission's (SEC) handling of the DEBT Box case, accusing it of unethical and unprofessional conduct. On June 20, 2024, Vance expressed strong support for cryptocurrency, sharing a post about making cryptocurrency donations to Trump.
In terms of campaign fundraising, Vance received Super PAC support from Bitcoin supporter Peter Thiel.
On social media, Vance also frequently shares his bullish views on cryptocurrency on platforms like X (formerly Twitter), including a tweet on February 15, 2022 discussing the rise of cryptocurrency due to governments cutting off access to banks.
Treasury Secretary Scott Bessent: Former key member of the Soros team, publicly supports Bitcoin and the crypto economy
There are no publicly available records of cryptocurrency holdings declarations. 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 the Soros team, driving the bet on the collapse of the British pound, earning the company over $1 billion in profits. He left in 2015 to found Key Square Group, which at its peak managed over $5 billion in assets.
Now, Bitcoin and the entire cryptocurrency field have become his focus of attention. "I'm very excited about (Trump) embracing cryptocurrency, I think it really aligns with the spirit of the Republican Party. Cryptocurrency represents freedom, and the crypto economy is here to stay," he said in an interview with Fox Business Channel this July. "Cryptocurrency attracts young people and those who have never participated in the market before."
National Security Advisor Michael Waltz: Holds less than $100,000 in Bitcoin, promotes pro-crypto policies
Holdings: Records from last year show that in 2023, Waltz owned between $50,000 and $100,000 worth of Bitcoin.
Crypto Position: Michael Waltz, previously a Republican Congressman from Florida, has shown strong support for cryptocurrency. He has made several important statements on cryptocurrency: voting in favor of the highly crypto-friendly FIT21 Act, voting in support of the cryptocurrency bill SAB 121, and co-sponsoring the CBDC Anti-Surveillance State Act, which focuses on opposing the use of central bank digital currencies (CBDCs) as a surveillance tool.
Director of National Intelligence Tulsi Gabbard: Holds a small amount of Litecoin and Ethereum, opposes government push for CBDC
Holdings: In the second half of 2017, she held between $1,000 and $15,000 worth of Litecoin and between $1,000 and $15,000 worth of Ethereum.
Crypto Position: Although Gabbard stated in her last disclosure in 2019 that she no longer held any cryptocurrency, she has consistently criticized government initiatives that infringe on financial privacy and autonomy.
She believes that efforts to promote central bank digital currencies (CBDCs) are part of a broader government attempt to increase control over the public, undermining the decentralized nature of cryptocurrencies like Bitcoin.
CEA Co-Leader Elon Musk: Supporter of Bitcoin and Dogecoin
Holdings: Earlier this year on X Space, Musk said, "I still have a huge bag of Dogecoin, and SpaceX also holds a huge amount of Bitcoin." As of November 21, Arkham Intelligence shows that Tesla holds 11,509 BTC, worth approximately $1.1 billion.
Crypto Position: Although not a member of Trump's cabinet, Musk is undoubtedly closely affiliated with the Trump camp and is at least publicly a supporter of cryptocurrency.
He is the co-leader of the newly formed "CEA" (Government Efficiency Administration) appointed by Trump, the acronym of which coincides with the code for Dogecoin (DOGE). Musk often expresses his support for Dogecoin, calling it the "people's cryptocurrency," and has influenced its market value.
Commerce Secretary Howard Lutnick: Holds hundreds of millions of dollars in Bitcoin, has provided multi-year custody services for Tether
Holdings: Lutnick recently revealed in an interview with Professional Capital Management founder Anthony Pompliano: "I have hundreds of millions of dollars' worth of Bitcoin, and I expect that number to reach billions soon."
Crypto Position: Lutnick is a Bitcoin super-fan. At the 2024 Bitcoin Conference, he stated: "Bitcoin and gold are the same. Bitcoin should be traded globally, without exception, just like gold." His company Cantor Fitzgerald has helped Tether manage the large US Treasury portfolio supporting its USDT stablecoin since 2021. Cantor Fitzgerald also recently announced a Bitcoin financing business, aiming to provide leverage for Bitcoin investors, with an initial capital of $2 billion.
CEA Co-Leader Vivek Ramaswamy: Previously a cryptocurrency donation recipient in his campaign, his company has included Bitcoin in its investment portfolio
Since Ramaswamy was not a previous member of Congress, he is not required to publicly disclose his cryptocurrency holdings. However, the billionaire businessman has been actively supportive of cryptocurrency, and it is rumored that he also personally holds digital assets.
For example, this former Republican presidential candidate, who participated in the competition, announced two years ago at the 2023 Bitcoin Conference in Miami 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 like the SEC, calling it "enforcement-based regulation," and advocated for a framework that can 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' investment portfolios.
Health and Human Services Secretary Robert F. Kennedy Jr.: Invests Majority of Wealth in Bitcoin, Criticizes Biden Administration's Regulatory Measures
Robert Kennedy Jr. does not have a public record of cryptocurrency holdings as a legislator, but this well-known Bitcoin supporter and former presidential candidate recently stated that he will invest the majority of his wealth in cryptocurrencies and has made several public statements on the topic. Kennedy said in a public event in November, "I am a staunch supporter of Bitcoin, and I attended another Bitcoin conference a year ago. Most of my wealth is in Bitcoin, so I am fully invested in it."
This soon-to-be member of the Trump administration also praised Bitcoin as a tool to hedge against inflation in a post in November. "Bitcoin is the free money, the middle-class American's hedge against inflation, the remedy for the dollar's declining status as the world's reserve currency, and the exit from the national debt disaster," he wrote in the post.
Kennedy also criticized the current regulatory measures, particularly the excessive restrictions on cryptocurrencies under the Biden administration. He stated at a Bitcoin conference in July, "I will end Biden's war on Bitcoin." He advocates for a more open regulatory environment to guide innovation and maintain America's competitive edge in the global financial landscape.
