New York/Washington: Cryptocurrency advocates and holders are poised to shape U.S. policy on emerging technologies, with a wave of nominations and advisory appointments by President-elect Donald Trump. Taking office on Monday, Trump’s administration signals a potential shift in the government’s approach to crypto.
The industry, long embattled by lawsuits and regulatory challenges, is optimistic about a new era. Political appointees are undergoing vetting for potential conflicts, with some pledging to divest their crypto holdings. Meanwhile, the sector is celebrating with a sold-out black-tie ball in Washington on Friday, featuring tickets priced between $2,500 and $10,000. Notably, David Sacks, the artificial intelligence and crypto czar, is set to attend.
Key Players and Their Crypto Stances
Scott Bessent
Billionaire hedge fund manager and Treasury Secretary nominee Scott Bessent has voiced strong support for cryptocurrency. “Crypto is about freedom, and the crypto economy is here to stay,” Bessent stated in an interview with Fox News in July. His financial disclosures reveal holdings in a BlackRock bitcoin exchange-traded fund valued between $250,001 and $500,000. Bessent has committed to divesting these assets within 90 days of confirmation.
Howard Lutnick
Howard Lutnick, the CEO of Cantor Fitzgerald and nominee for Secretary of Commerce, is a vocal bitcoin enthusiast. Lutnick’s firm manages billions in U.S. Treasuries for Tether, the stablecoin issuer. “Do I own bitcoin? Of course I do,” Lutnick remarked at the Bitcoin 2024 conference. He also disclosed that Cantor Fitzgerald possesses substantial bitcoin holdings.
Elon Musk
Tesla CEO Elon Musk, appointed to lead the Department of Government Efficiency (DOGE), has been a long-time advocate for crypto, including bitcoin and dogecoin. Musk’s influence extends to market movements, with his companies previously investing heavily in bitcoin. Tesla’s September 2024 financial report listed digital assets worth $184 million.
Vivek Ramaswamy
Former presidential candidate Vivek Ramaswamy, set to work alongside Musk, founded Strive Asset Management, a firm integrating bitcoin into traditional investment portfolios. His financial disclosures in 2023 showed holdings in bitcoin and ether. Strive recently filed to launch a corporate bond exchange-traded fund for bitcoin investments.
David Sacks
As White House artificial intelligence and crypto czar, David Sacks aims to establish a legal framework for cryptocurrencies. His venture capital firm, Craft Ventures, has invested in crypto companies like BitGo and Bitwise.
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Steve Witkoff
Middle East envoy Steve Witkoff, a real estate tycoon, launched World Liberty Financial in November. The venture, which issues a proprietary token, lists Donald Trump as a key beneficiary of its revenues.
The Trump Family
Eric Trump has taken an active role in World Liberty Financial alongside Donald Trump Jr. and Barron Trump. Speaking at a December bitcoin conference, Eric called crypto a “financial revolution” and pledged his father’s commitment to making the U.S. a global crypto leader.
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J.D. Vance
Vice President-elect J.D. Vance disclosed bitcoin holdings valued between $250,001 and $500,000. His venture capital firm, Narya, has backed crypto-friendly firms like Rumble and Strive. Rumble recently announced plans to allocate its cash reserves to bitcoin.
Paul Atkins
Paul Atkins, Trump’s pick for SEC Chair, advocates for deregulation and a lighter touch on crypto oversight. His consultancy, Patomak Global Partners, advises companies on leveraging digital assets.
Industry Optimism
Trump-Vance transition spokesperson Brian Hughes highlighted the administration’s commitment to innovation, stating, “President Trump will deliver on his promise to encourage American leadership in crypto and other emerging technologies.”
