Trump 2.0 Cabinet Members: Over 5 are Crypto Enthusiasts

Just two weeks after Trump’s election, the nominations for the 2.0 cabinet have been completed.

Trump's 2.0 cabinet team has finalized its nominations within a brief two-week period following his election. The new cabinet members not only include staunch supporters of Bitcoin but also followers of altcoins and Dogecoin. This article provides a brief overview of the composition of Trump's 2.0 cabinet and their stance on cryptocurrency.

Trump’s Crypto Assets

The newly elected President Trump himself holds over $5 million in cryptocurrency. According to Arkham data, Trump's current crypto assets are valued at approximately $5.4 million, primarily consisting of Ethereum (ETH), with a holding of 495.664 ETH worth about $1.7 million. His other major holdings include: WETH (approximately $1.64 million), TRUMP (around $1 million), TROG (about $400,000), and GUA (approximately $150,000).

Overview of the 2.0 Cabinet

On November 23, Trump announced the nomination of former White House aide Brooke Rollins as Secretary of Agriculture, officially completing the establishment of Trump's 2.0 cabinet. The speed and efficiency of this nomination process have garnered significant attention.

Compared to the 1.0 version, there are notable changes in the composition of Trump’s 2.0 cabinet, which includes financial experts, medical professionals, and news anchors from diverse backgrounds. This updated team appears more compelling than the previous "dream team." Among the 25 cabinet members, many exhibit a supportive attitude toward cryptocurrency, with some openly disclosing their crypto asset holdings.

Vice President J.D. Vance: A Strong Crypto Advocate

J.D. Vance, born in 1984, is a writer and venture capitalist. As a rising star in American politics, he is poised to become the second-youngest vice president in U.S. history, building on just two years of political experience. Vance’s upbringing was challenging; his mother struggled with drugs and alcohol, and he was raised by his grandparents. After graduating high school, he joined the U.S. Marine Corps and served in the Iraq War. Following his military service, he earned degrees in Political Science and Philosophy from Ohio State University, as well as a Juris Doctor from Yale Law School.

Vance gained widespread recognition for his bestselling book, Hillbilly Elegy, which not only catapulted him to fame but was also considered a key work in Trump’s 2016 election victory. In 2022, he was elected as a federal senator from Ohio, advocating for a more lenient regulatory approach towards digital assets due to his positive stance on cryptocurrency. This year, he drafted a series of guidelines for the crypto industry, including support for the repeal of the SAB-121 accounting standards and legislative reforms in digital asset regulation. Vance's proposals have garnered support from 71 Democratic representatives and are expected to be formally submitted soon.

J.D. Vance has publicly expressed his friendly attitude towards cryptocurrency multiple times. He stated, "This is why cryptocurrency is thriving; if your political views are not accepted, the regime will cut off your access to banking services." He has also questioned the SEC’s enforcement actions against the crypto mining company Debt Box.

J.D. Vance’s Cryptocurrency Holdings

Recently, J.D. Vance disclosed his cryptocurrency holdings. As of 2022, he holds Bitcoin valued between $100,001 and $250,000, which he maintains through Coinbase. Additionally, he has accounts with Robinhood and Charles Schwab but has not publicly disclosed specific holding details.

New Treasury Secretary Scott Bessent

The Treasury Department is at the core of economic governance in the U.S. government, responsible for managing fiscal affairs, formulating economic policy, and conducting financial regulation. Scott Bessent, a hedge fund mogul and prominent figure in New York's financial circle, boasts a legendary career. Thirty years ago, he worked for George Soros and rose to fame in 1992 by orchestrating the collapse of the British pound, earning over $1 billion in the process. In 2015, he founded Key Square Group, which at its peak managed assets exceeding $5 billion.

Bessent is the first U.S. Treasury Secretary nominee to openly support cryptocurrencies. In interviews, he has expressed enthusiasm for crypto, stating it "aligns perfectly with the spirit of the Republican Party" and that "cryptocurrency represents freedom; the digital economy is an irreversible trend." However, Bessent has yet to disclose his own cryptocurrency holdings.

Secretary of Commerce Howard Lutnick

The U.S. Department of Commerce oversees trade investment, export controls, semiconductor research, artificial intelligence, coastal fisheries, and patents, influencing economic policy, international trade, and high-tech development. Secretary Lutnick is a Jewish financier and was a significant donor during Trump's campaign. Born in 1961 and a graduate of Hofstra University, Lutnick worked at Cantor Fitzgerald, eventually becoming its CEO. Since 2021, Cantor Fitzgerald has ventured into cryptocurrency, assisting Tether in managing its U.S. Treasury inventory for the USDT stablecoin and recently announcing the launch of Bitcoin financing services with initial funding of up to $2 billion.

Lutnick holds a positive view of cryptocurrencies, stating, "We have the largest capital markets and the strongest financial system. If we do not actively promote the widespread use of cryptocurrency, we will lose that advantage." As a Bitcoin supporter, Lutnick has voiced his approval of Bitcoin on multiple occasions. At the 2024 Bitcoin Conference, he compared Bitcoin to gold and advocated for its global trading. Recently, in an interview with Anthony Pompliano, founder of Professional Capital Management, Lutnick revealed that he owns Bitcoin valued in the hundreds of millions and expects this figure to soon reach billions.

Other Crypto Supporters

In addition to Bessent and Lutnick, other cabinet members also exhibit a positive attitude towards cryptocurrencies. National Security Advisor Mike Waltz has publicly disclosed his Bitcoin holdings, which, according to 2023 filings, range between $50,000 and $100,000.

Director of National Intelligence Tulsi Gabbard has also been reported to hold Litecoin (valued between $1,000 and $15,000) and Ethereum (similarly valued between $1,000 and $15,000) since the latter half of 2017.

Secretary of Health and Human Services Robert F. Kennedy Jr. has expressed intentions to invest a significant portion of his wealth in cryptocurrencies and identifies himself as a staunch supporter of Bitcoin.

Musk: The Right-Hand Man

The Department of Government Efficiency (D.O.G.E.) is a new initiative proposed by Trump aimed at reducing the federal budget deficit and improving the efficiency and effectiveness of government operations. Both nominated candidates have strong ties to the cryptocurrency space.

Co-Leader of the Department of Government Efficiency Elon Musk

The concept of the Department of Government Efficiency originated from a discussion between Elon Musk and Donald Trump, where Musk suggested creating a department focused on enhancing government efficiency. Trump appointed Musk as the co-leader of the department, with the acronym coincidentally matching that of Dogecoin (DOGE), making Musk an ideal candidate to embody the spirit of crypto. Musk will work alongside Vivek Ramaswamy and the Office of Management and Budget (OMB) to address "massive waste and fraud" in government spending.

Elon Reeve Musk, born in South Africa, is a prominent businessman known for his significant roles in SpaceX and Tesla, Inc. Additionally, he owns the social media platform X (formerly Twitter). As of November 2024, Forbes estimates his net worth at $304 billion. As a core member of Trump's camp, Musk has publicly supported Trump multiple times, and his tweets have significantly impacted the cryptocurrency market, causing tokens like PAC, PNUT, and WOULD to surge dramatically.

In Terms of Crypto Assets

According to Arkham Intelligence, Tesla holds 11,509 Bitcoins, valued at approximately $1.11 billion, while Musk personally "still holds a significant amount of Dogecoin."

Co-Leader of the Department of Government Efficiency Vivek Ramaswamy

Vivek Ramaswamy, born in Cincinnati, Ohio, is an accomplished young entrepreneur with a Juris Doctor degree from Yale Law School. He founded the pharmaceutical company Roivant Sciences in 2014 and is running for president as a Republican this year, boasting quite a remarkable background.

Ramaswamy holds an optimistic view on cryptocurrencies, publicly stating that he owns digital assets and supports crypto compliance. At the 2023 Miami Bitcoin Conference, he announced that he would accept cryptocurrency donations for his campaign. During the Messari Mainnet conference, he actively shared his forward-looking insights on cryptocurrency and revealed an upcoming cryptocurrency policy blueprint. In early November, he announced that his asset management firm, Strive, would include Bitcoin in clients' portfolios.

Conclusion

While Trump has completed the nominations for his cabinet members, these appointments still require approval from the Senate. However, historically, Trump’s nominated cabinet lists have had a high likelihood of being approved by the Senate.

This 2.0 update involves economic and policy changes, with various departments seemingly adopting an unusually friendly stance towards the crypto industry, though challenges in regulation and compliance remain. With the approval of ETFs, implementation of interest rate cuts, and the establishment of the "crypto dream team," we believe we can witness the arrival of a golden age for cryptocurrencies.

Risk Warning

While the cryptocurrency market offers significant growth potential and innovation opportunities, it also carries a high level of market risk and price volatility. The value of crypto assets can fluctuate dramatically in a short period, potentially leading to substantial financial losses for investors. Additionally, the cryptocurrency market faces multiple risk factors, including technical risks, legal and regulatory uncertainties, cybersecurity threats, and market manipulation. We strongly advise users to conduct thorough research and due diligence before making any investment decisions and to consult professional financial advisors. All investment decisions are made at the user’s own risk. Thank you for your trust and support of Venkate!

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