The cryptocurrency industry is anticipating significant influence on U.S. policy with the incoming Trump administration. President-elect Donald Trump’s nominations and appointments, scheduled to take effect on Monday, signal a potential shift in the government’s approach to this emerging technology.
The crypto industry has faced numerous legal challenges and enforcement actions from the U.S. government. Industry leaders are hopeful that the new administration will adopt a more favorable stance.
Political appointees will be vetted for potential conflicts of interest, with some already committed to divesting their crypto holdings. A sold-out black-tie ball in Washington, D.C., with tickets ranging from $2,500 to $10,000, is scheduled for Friday. David Sacks, Trump’s appointed artificial intelligence and crypto czar, is expected to be in attendance.
Here’s a look at the crypto positions of some key figures in the incoming administration and Trump’s inner circle:
SCOTT BESSENT:
Trump’s selection for Treasury Secretary, Bessent, a billionaire hedge fund manager, has expressed positive views on cryptocurrency. “Crypto is about freedom and the crypto economy is here to stay,” Bessent stated in a July interview with Fox News, adding, “I think everything is on the table with bitcoin.”
Financial disclosures filed last month indicate that Bessent holds shares in a BlackRock bitcoin exchange-traded fund, with a value between $250,001 and $500,000. He has committed to selling his holdings in this fund and other investments within 90 days of his confirmation, according to a letter sent to the U.S. Treasury.
HOWARD LUTNICK:
Trump’s pick for Secretary of Commerce, Lutnick, is known for being a vocal supporter of bitcoin. Lutnick serves as CEO of Cantor Fitzgerald, a New York brokerage firm that manages billions of dollars’ worth of U.S. Treasuries for Tether, the stablecoin issuer.
“Do I own bitcoin? Of course I do,” Lutnick said at the Bitcoin 2024 conference in July. “Does Cantor Fitzgerald own bitcoin? A shedload of bitcoin.”
ELON MUSK:
Chosen by Trump to oversee the Department of Government Efficiency, Tesla CEO and world’s richest man Elon Musk has long been a proponent of crypto, particularly bitcoin and dogecoin. Musk’s public comments and actions have, in the past, influenced the prices of bitcoin and dogecoin.
The acronym for Musk’s cost-cutting agency, DOGE, is a nod to dogecoin, which is now the world’s seventh-largest crypto token, with a circulation of $4.5 billion, according to CoinGecko data.
In 2021, Tesla invested $1.5 billion in bitcoin before selling a large portion of those holdings. The company held unspecified digital assets totaling $184 million in September 2024, according to a financial report.
VIVEK RAMASWAMY:
Set to work with Musk at DOGE, the former presidential candidate and entrepreneur heads Strive Asset Management. The company, which claimed to manage over $1 billion in assets in September, filed last month to launch an exchange-traded fund that invests in corporate bonds for bitcoin investments.
In November, Ramaswamy’s wealth management arm announced plans to integrate bitcoin into American investment portfolios, according to a press release. Ramaswamy held between $100,001 and $250,000 in bitcoin and between $15,001 and $50,000 in ether in June 2023, according to a financial disclosure.
DAVID SACKS:
A former PayPal executive, Sacks was appointed White House artificial intelligence and crypto czar in December. He is tasked with developing a U.S. legal framework for the crypto industry.
Sacks is also a co-founder of Craft Ventures, a venture capital firm that has invested in crypto companies such as BitGo and Bitwise.
STEVE WITKOFF:
Trump’s Middle East envoy Witkoff, a real estate tycoon and donor to the incoming president, founded crypto venture World Liberty Financial in November. The venture, which sells a proprietary token, lists Trump as one of those entitled to a large share of any of the company’s revenues.
ERIC TRUMP, DONALD TRUMP JR., BARRON TRUMP:
Eric Trump, in a statement to Reuters last year, said that he was involved in World Liberty, which he, his brother Don Jr., and half-brother Barron helped establish. Eric further stated at a bitcoin conference in December that crypto was a “financial revolution” and that his father would strive to make the United States the crypto capital of the world.
JD VANCE:
U.S. Vice President-elect Vance held between $250,001 and $500,000 in bitcoin in August 2024, based on a financial disclosure. Vance co-founded the venture capital firm Narya, which has invested in Strive and Rumble.
Rumble announced in November that it would allocate its excess cash reserves to bitcoin and also received a $775 million investment from stablecoin firm Tether last year.
PAUL ATKINS:
Trump’s selection to lead the Securities and Exchange Commission (SEC), Atkins, a lawyer and former SEC official, supports deregulation. He is expected to adopt a less stringent approach to crypto than current Chair Gary Gensler.
Atkins is the CEO of Patomak Global Partners, a consultancy that advises “cutting-edge crypto-native companies” and traditional financial firms on leveraging digital assets for growth.
Transition spokesperson Brian Hughes stated that President Trump would “encourage American leadership in crypto and other emerging technologies.”
