The crypto industry is anticipating a shift in U.S. policy with the incoming Trump administration, which is set to take office on Monday. Advocates and cryptocurrency holders are eager to see how the new administration will approach this emerging technology, given the numerous nominations and advisory appointments. Many in the crypto space hope this administration will change the direction of the government’s past legal battles and enforcement actions.
The industry is gearing up for significant influence on policy, especially after years of facing lawsuits. Several political appointees have committed to selling their crypto interests. Some of those taking important positions include:
Key Crypto Advocates in the Trump Administration
Scott Bessent: Trump’s pick for Treasury Secretary, Bessent, a billionaire hedge fund manager, has previously voiced positive opinions on cryptocurrency. “Crypto is about freedom and the crypto economy is here to stay,” Bessent said in July, adding, “I think everything is on the table with bitcoin.” According to last month’s financial disclosure, Bessent holds between $250,001 and $500,000 in a BlackRock bitcoin exchange-traded fund. He has stated that he will divest his interest in this fund within 90 days of confirmation.
Howard Lutnick: As Trump’s choice for Secretary of Commerce, Lutnick is a vocal supporter of Bitcoin. Lutnick is the CEO of Cantor Fitzgerald, a brokerage firm managing billions of dollars’ worth of U.S. Treasuries for Tether. “Does Cantor Fitzgerald own bitcoin? A shedload of bitcoin,” Lutnick stated at the Bitcoin 2024 conference in July.
Elon Musk: Chosen to lead the Department of Government Efficiency (DOGE), Musk, the Tesla chief, has long been a supporter of Bitcoin and Dogecoin. He previously influenced the price of Bitcoin and Dogecoin through his public comments.
Vivek Ramaswamy: Ramaswamy is set to work with Musk at DOGE. Previously a presidential candidate, he is the founder of Strive Asset Management. In September, the company announced that it managed over $1 billion in assets and is preparing to launch an exchange-traded fund that focuses on corporate bonds.
An illustration featuring U.S. President-elect Donald Trump holding Bitcoin
David Sacks: Appointed White House artificial intelligence and crypto czar in December, Sacks is tasked with developing a U.S. legal framework for cryptocurrencies, a key goal for the industry. Sacks is the co-founder of Craft Ventures, which has invested in cryptocurrency firms.
Steve Witkoff: Trump’s Middle East envoy and a real estate tycoon, Witkoff founded crypto venture World Liberty Financial in November. Notably, Trump is listed on the company’s website as among those entitled to a large share of its revenues.
Eric Trump, Donald Trump Jr., and Barron Trump: Eric Trump mentioned last year that he was deeply involved in World Liberty, which he helped form with his brothers. He declared at a Bitcoin conference that the cryptocurrency was a “financial revolution,” and that his father would make the United States the crypto capital of the world.
JD Vance: The U.S. Vice President-elect held between $250,001 and $500,000 in Bitcoin as of August 2024. Vance co-founded the venture capital firm Narya, which has invested in Strive Asset Management and Rumble.
Paul Atkins: Trump’s pick to lead the Securities and Exchange Commission is expected to take a more lenient approach to crypto than the current chair, Gary Gensler. Atkins is the CEO of Patomak Global Partners, a consultancy providing advice on leveraging digital assets for growth.
In response to questions about the crypto stances of Vance and Trump’s sons, a transition spokesperson stated that the Trump administration would encourage American leadership in crypto and other emerging technologies.
