Author:Chaos Labs
Compiled by: TechFlow
Trump's Cabinet Picks: Potential Boosters for Cryptocurrencies?
The list of cabinet picks announced by Donald Trump has drawn widespread attention. This Edge series will focus on key nominees who may bring positive impacts to the cryptocurrency industry.
@howardlutnick (Transition Team Leader and Commerce Secretary Nominee)
First, let's look at Howard Lutnick, who is believed to be the leader of Trump's transition team and is also the CEO of Cantor Fitzgerald. He is an entrepreneur who openly supports cryptocurrencies and has been nominated as the future Commerce Secretary. He was previously also considered for the Treasury Secretary position.
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 (Treasury Secretary Nominee)
As a seasoned hedge fund manager, Scott Bessent has a deep understanding of financial innovation and has publicly expressed his support for cryptocurrencies. He has stated: "Cryptocurrencies represent freedom, and cryptocurrencies will exist in the long run."
Compared to the previous frontrunner Henry Paulson, Bessent appears to be more crypto-friendly. Paulson had publicly criticized cryptocurrencies in 2021, arguing that they have no intrinsic value and accusing them of excessive price volatility.
@TulsiGabbard (Director of National Intelligence Nominee)
Tulsi Gabbard's nomination as the Director of National Intelligence could be significant for the cryptocurrency industry. She has long advocated for privacy protection and decentralization.
Furthermore, Gabbard has a direct connection to cryptocurrencies. She disclosed in 2018 that she had purchased @ethereum (ETH) and @litecoin (LTC) during the 2017 crypto bull market. She has also publicly supported Bitcoin, viewing it as a tool to achieve financial sovereignty and an effective means to counter excessive government intervention.
@RobertKennedyJr (Health and Human Services Secretary Nominee)
Robert F. Kennedy Jr. has publicly expressed his support for Bitcoin, believing it to be a powerful tool against the devaluation of fiat currencies. Although his position is not directly related to the crypto industry, within the Trump administration, RFK Jr. is likely to be an ally of cryptocurrencies rather than an adversary.
@PamBondi (Attorney General Nominee)
Pam Bondi's nomination came after @mattgaetz withdrew from the position. Matt Gaetz had previously been a strong supporter of personal privacy and had pushed for the passage of several pro-cryptocurrency legislations, including the FIT21 Act, the SAB121 Act, and the Anti-CBDC Surveillance State Act. He had also publicly supported the pardon of Edward Snowden.
Pam Bondi is the former Attorney General of Florida, but she has not yet publicly stated her stance on cryptocurrencies. As a candidate for the Attorney General position, her policy direction remains unknown.
@michaelgwaltz (National Security Advisor Nominee)
Michael Waltz is a vocal advocate for the development of the U.S. crypto industry. He has emphasized the important role of cryptocurrencies in enhancing economic competitiveness and technological independence, as well as their ability to effectively limit government overreach.
Waltz's pro-crypto stance is also reflected in his legislative record, such as his co-sponsorship of the Anti-CBDC Surveillance State Act and his votes in support of SAB121 and FIT21.
@BrendanCarrFCC (FCC Chair Nominee)
Brendan Carr, currently the Republican leader at the Federal Communications Commission (FCC), is expected to be appointed as the FCC Chair. Although Carr has not explicitly expressed his views on Bitcoin or cryptocurrencies, he is known for his firm stance against censorship and his support for technological innovation.
Under his leadership, the FCC may provide more support for the development of the crypto industry's technological infrastructure.
@HesterPeirce & Mark Uyeda (Potential SEC Chair Candidates)
Hester Peirce has been a steadfast supporter of clarifying digital asset regulations. If she is nominated as the SEC Chair, she may create a more crypto-friendly policy environment, reduce uncertainty, and ease the regulatory agency's harsh stance towards the crypto industry. Peirce's appointment would undoubtedly be a major victory for the crypto industry, but there are rumors that she has already declined the potential nomination.
Another candidate nominated for the SEC Chair position is the current SEC Commissioner Mark Uyeda. He has been critical of the SEC's recent aggressive policies towards cryptocurrencies and has consistently called for the development of clear and predictable regulatory rules.
Although these nominations are not yet finalized, the preliminary signs indicate that the crypto industry may be facing a more positive policy landscape. It's worth noting that Trump's stance on China as the primary U.S. competitor may also influence crypto policies. While China has repeatedly banned crypto activities, it still dominates the Bitcoin mining sector. Trump had promised at the Bitcoin2024 conference to push for policies that would bring computing power back to the U.S., which could become a focus of future policies.
