Trump’s Cabinet Picks: Potential Boosters for Cryptocurrency?
The recent announcement of Donald Trump’s Cabinet picks has sparked widespread attention. This edition of the Edge series will focus on important nominees who could have a positive impact on the cryptocurrency industry.
Howard Lutnick (Transitional Team Leader and Nominee for Secretary of Commerce)
First, let’s look at Howard Lutnick, who is considered the leader of Trump’s transitional team and is also the CEO of Cantor Fitzgerald. He is a vocal supporter of cryptocurrency and has been nominated for the future position of Secretary of Commerce. Previously, he was also considered for the position of Secretary of the Treasury.
Under Lutnick’s leadership, Cantor Fitzgerald has actively explored the blockchain and digital asset space. For example, Cantor Fitzgerald has served as a custodian for the Tether bond investment portfolio and has recently made a strategic investment in Tether.
Scott Bessent (Nominee for Secretary of the Treasury)
As a seasoned hedge fund manager, Scott Bessent has a deep understanding of financial innovation and has expressed support for cryptocurrency on multiple occasions. He has stated, “Cryptocurrency represents freedom and will exist in the long term.”
Compared to the previously popular candidate Henry Paulson, Bessent is evidently more friendly towards the cryptocurrency industry. Paulson publicly criticized cryptocurrency in 2021, stating that it has no intrinsic value and criticizing its price volatility.
Tulsi Gabbard (Nominee for Director of National Intelligence)
Tulsi Gabbard’s nomination for Director of National Intelligence could be significant for the cryptocurrency industry. She has long advocated for privacy protection and decentralization.
Additionally, Gabbard has direct connections to cryptocurrency. She disclosed in 2018 that she purchased Ethereum (ETH) and Litecoin (LTC) during the cryptocurrency bull market of 2017. She has also publicly supported Bitcoin, seeing it as a tool for financial sovereignty and an effective means to counter government overreach.
Robert F. Kennedy Jr. (Nominee for Secretary of Health and Human Services)
Robert F. Kennedy Jr. has publicly expressed support for Bitcoin, seeing it as a powerful tool against currency devaluation. Although his position is not directly related to the cryptocurrency industry, RFK Jr. is likely to be an ally rather than an opponent in the Trump administration.
Pam Bondi (Nominee for Attorney General)
Pam Bondi’s nomination came after Matt Gaetz withdrew from consideration. Matt Gaetz, a strong advocate for personal privacy, had previously abandoned the position due to intense scrutiny within the Republican Party, which could be a potential loss for the cryptocurrency industry. Gaetz has championed legislation supporting cryptocurrency, including the FIT21 Act, SAB121 Act, and the Anti-CBDC Surveillance Act. He has also publicly supported pardoning Edward Snowden.
Pam Bondi is the former Attorney General of Florida but has not publicly stated her position on cryptocurrency. As a nominee for Attorney General, her policy direction remains unknown.
Michael Waltz (Nominee for National Security Advisor)
Michael Waltz is an advocate for the development of the U.S. cryptocurrency industry. He has emphasized the importance of cryptocurrency in enhancing economic competitiveness and technological independence, as well as 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 (Nominee for FCC Chairman)
Brendan Carr, currently the Republican leader of the Federal Communications Commission (FCC), is expected to assume the role of FCC Chairman. Although Carr has not explicitly expressed his stance on Bitcoin or cryptocurrency, he is known for his staunch anti-regulation position and support for technological innovation.
Under his leadership, the FCC may provide more support for the technological infrastructure development of the cryptocurrency industry.
Hester Peirce & Mark Uyeda (Potential Nominees for SEC Chairman)
Hester Peirce has consistently been a strong supporter of regulatory clarity for digital assets. If nominated as SEC Chairman, she could bring a more friendly policy environment to the cryptocurrency industry, reducing uncertainty and alleviating the regulatory agency’s hardline position. However, there are rumors that she has already declined the possibility of this nomination.
Another potential nominee for SEC Chairman is current SEC Commissioner Mark Uyeda. He has criticized the SEC’s hardline policies on cryptocurrency in recent years and has consistently called for clear and predictable regulatory rules.
While these nominations have not been finalized, preliminary signs indicate that the cryptocurrency industry may see more positive policy direction. It is worth noting that Trump’s attitude towards China as a major U.S. competitor may further influence cryptocurrency policies.
Despite China’s repeated bans on cryptocurrency activities, it still dominates the Bitcoin mining sector. Trump promised at the Bitcoin2024 conference to promote policies that bring mining power back to the U.S., which could become a focal point of future policies.
This article is a collaborative reprint from DeepTech.