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 focuses on those nominees who could potentially have a positive impact on the cryptocurrency industry.
Howard Lutnick (Transition Team Leader and Nominee for Secretary of Commerce)
First, let’s take a look at Howard Lutnick, who is considered to be the leader of Trump’s transition team and the CEO of Cantor Fitzgerald. He is an entrepreneur known for publicly supporting 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 portfolio and 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 cryptocurrencies on multiple occasions. He has stated, “Cryptocurrencies represent freedom and will exist in the long term.”
Compared to the previous popular candidate Henry Paulson, Bessent is evidently more friendly towards the cryptocurrency industry. Paulson publicly criticized cryptocurrencies in 2021, stating that they have no intrinsic value and criticizing their price volatility.
Tulsi Gabbard (Nominee for Director of National Intelligence)
Tulsi Gabbard’s nomination as Director of National Intelligence could be significant for the cryptocurrency industry. She has long advocated for privacy protection and decentralization.
In addition, Gabbard has a direct connection to cryptocurrencies. She revealed in 2018 that she purchased Ethereum (ETH) and Litecoin (LTC) during the cryptocurrency bull market of 2017. She has also publicly supported Bitcoin, considering it a tool for achieving 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, 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 be an ally rather than an adversary to cryptocurrencies in the Trump administration.
Pam Bondi (Nominee for Attorney General)
Pam Bondi’s nomination came after Matt Gaetz withdrew from consideration. Gaetz relinquished 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 advocated for legislation supporting cryptocurrencies, including the FIT21 Act, the SAB121 Act, and the Anti-CBDC Surveillance Act. He has also publicly supported the pardon of Edward Snowden.
Pam Bondi is a former Attorney General of Florida, but she has not publicly stated her position on cryptocurrencies. As a candidate for Attorney General, her policy direction remains unknown.
Michael Waltz (Nominee for National Security Advisor)
Michael Waltz is an active advocate for the development of the US cryptocurrency industry. He has 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 (Nominee for FCC Chairman)
Brendan Carr, currently serving as 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 cryptocurrencies, 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 and Mark Uyeda (Potential Candidates for SEC Chairman)
Hester Peirce has been a staunch supporter of regulatory clarity for digital assets. If nominated as SEC Chairman, she could bring a more crypto-friendly policy environment, reduce uncertainty, and alleviate the regulatory agency’s hardline stance on cryptocurrencies. However, there are rumors that she has already declined the possibility of this nomination.
Another candidate for SEC Chairman is current SEC Commissioner Mark Uyeda. He has been critical of the SEC’s tough policies on cryptocurrencies in recent years and has consistently advocated 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 a major competitor to the United States 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 United States, which could become a focal point of future policies.
This article is a collaborative repost from DeepChain.