Trump’s Cabinet Picks: Potential Boosters for Cryptocurrency?
Donald Trump’s recently announced list of cabinet picks has generated widespread attention. This edition of the Edge series will focus on the important nominees who could have a positive impact on the cryptocurrency industry.
First, let’s take a look at Howard Lutnick, who is considered the leader of Trump’s transition team and is also the CEO of Cantor Fitzgerald. He is a prominent supporter of cryptocurrencies and has been nominated as the future Secretary of Commerce. Previously, he was also considered for the position of Secretary of the Treasury.
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 the Tether bond investment portfolio and recently made a strategic investment in Tether.
Scott Bessent, nominated for Secretary of the Treasury, is a seasoned hedge fund manager who has a deep understanding of financial innovation and has publicly expressed support for cryptocurrencies. He has stated, “Cryptocurrencies represent freedom and will exist in the long term.” Compared to the previous popular candidate Henry Paulson, Bessent appears to be more friendly towards the cryptocurrency industry. Paulson publicly criticized cryptocurrencies in 2021, stating that they have no intrinsic value and accusing them of excessive price volatility.
Tulsi Gabbard, nominated for Director of National Intelligence, could have significant implications for the cryptocurrency industry. She has long advocated for privacy protection and decentralization. Furthermore, Gabbard has direct connections to cryptocurrencies. She disclosed in 2018 that she purchased Ethereum (ETH) and Litecoin (LTC) during the cryptocurrency bull market in 2017. She has also openly supported Bitcoin, viewing it as a tool for achieving financial sovereignty and as an effective means to combat government overreach.
Robert F. Kennedy Jr., nominated for Secretary of Health and Human Services, has publicly expressed support for Bitcoin, considering it a powerful tool against the devaluation of fiat currencies. Although his position is not directly related to the cryptocurrency industry, RFK Jr. is likely to become an ally rather than an opponent of cryptocurrencies in the Trump administration.
Pam Bondi, nominated for Attorney General, was nominated after Matt Gaetz withdrew. Gaetz previously abandoned the position due to intense scrutiny within the Republican party, which could potentially be a loss for the cryptocurrency industry. Gaetz has been a staunch supporter of personal privacy and has pushed for legislation supporting cryptocurrencies, including the FIT21 Act, SAB121 Act, and the Anti-CBDC Surveillance Act. He has also publicly supported the pardon of Edward Snowden. Bondi, the former Attorney General of Florida, has not publicly stated her position on cryptocurrencies. As a candidate for Attorney General, her policy direction remains unknown.
Michael Waltz, nominated for National Security Advisor, is an active advocate for the development of the US cryptocurrency industry. He has repeatedly emphasized the important role of cryptocurrencies in enhancing economic competitiveness and technological independence while effectively limiting government intervention. Waltz’s pro-cryptocurrency stance is also reflected in his legislative record. For example, he co-sponsored the Anti-CBDC Surveillance Act and voted in favor of SAB121 and FIT21.
Brendan Carr, currently the Republican leader of the Federal Communications Commission (FCC), is expected to assume the position of FCC Chairman. Although Carr has not explicitly expressed his attitude towards Bitcoin or cryptocurrencies, he is known for his staunch anti-regulatory stance and support for technological innovation. Under his leadership, the FCC may provide more support for the technical infrastructure development of the cryptocurrency industry.
Hester Peirce and Mark Uyeda, potential candidates for SEC Chairman, could bring a more favorable policy environment for the cryptocurrency industry, reducing uncertainty and alleviating the regulatory agencies’ tough stance. Peirce has always been a staunch supporter of regulatory clarity for digital assets. If nominated as SEC Chairman, she could be a significant victory for the cryptocurrency industry, although there are rumors that she has already declined the nomination. Mark Uyeda, the current SEC Commissioner, has criticized the SEC’s tough policies on cryptocurrencies in recent years and has consistently called for clear and predictable regulatory rules.
Although these nominations have not been finalized, preliminary indications suggest that the cryptocurrency industry may see a more positive policy direction. It is worth noting that Trump’s attitude towards China as the primary competitor to the US may further influence cryptocurrency policies. Despite China’s repeated bans on cryptocurrency activities, it still holds a dominant position in Bitcoin mining. Trump pledged at the Bitcoin2024 conference to promote policies that bring mining power back to the US, which could become a focal point of future policies.
This article is a collaborative reprint from Shenchao.
