Author: shaofaye123, Foresight News

Just two weeks after Trump's election, his 2.0 cabinet has been fully nominated. Among its members are not only Bitcoin believers but also supporters of altcoins and Dogecoin. This article will give you a quick overview of Trump's 2.0 cabinet and their positions on cryptocurrency.

The newly elected President Trump himself holds over $5 million in cryptocurrency. According to Arkham data, Donald Trump currently holds $5.4 million in cryptocurrency, with his largest asset being ETH, holding 495.664 ETH, worth about $1.7 million. His top five holdings also include: WETH (about $1.64 million), TRUMP (about $100,000), TROG (about $40,000), and GUA (about $15,000).

Overview of the 2.0 Cabinet List

On November 23, Trump announced that he would nominate former White House aide Brooke Rollins as Secretary of Agriculture. With this, the formation of Trump's 2.0 cabinet is complete, and the speed and efficiency of this nomination have drawn attention from the public.

Above is the complete list of Trump's cabinet (some positions require Senate confirmation). Source: Political News

The members of Trump's 2.0 cabinet differ significantly from the 1.0 version, ranging from financial tycoons to medical geniuses and news anchors. Compared to the "Dream Team," this update seems more eye-catching. Among the 25 cabinet members (excluding Trump), a significant proportion are crypto-friendly and support cryptocurrency to varying degrees, with some having publicly disclosed their crypto holdings.

Vice President J.D. Vance: A Firm Crypto Supporter

J.D. Vance, born in 1984, is a writer and venture capitalist. As a rising star in American politics, he is expected to become the second youngest vice president in U.S. history with just two years of political experience. Vance's upbringing was quite challenging; he comes from a complex family background, with a mother who struggled with drugs and alcohol, raised by his grandparents. After graduating high school, Vance joined the U.S. Marine Corps and served in the Iraq War. After his service, he attended Ohio State University and Yale Law School, earning a bachelor's degree in political science and philosophy, as well as a Juris Doctor degree.

Vance is widely known for his bestselling book "Hillbilly Elegy," which not only brought him fame but is also considered one of the key works contributing to Trump's victory in the 2016 election. In 2022, Vance won a seat in the U.S. Senate from Ohio with his positive stance on cryptocurrency, advocating for a more lenient regulatory approach to digital assets. This year, he drafted a series of guidelines for the crypto industry, including supporting the repeal of the SAB-121 accounting standard and reforming legislation on digital asset regulation. Currently, Vance's draft has gained support from 71 Democratic representatives and is expected to be formally submitted soon.

J.D. Vance has a very friendly attitude towards cryptocurrency and has publicly mentioned it multiple times. When opposing Canadian authorities' ban on bank accounts of truckers during pandemic control, he stated, "This is why cryptocurrency is thriving; if your political views are wrong, the regime will cut off your access to banking services." In February of this year, when the SEC initiated enforcement actions against the cryptocurrency mining company Debt Box, he also raised questions.

The most recent disclosure of Vance's holdings shows that as of 2022, J.D. Vance owns Bitcoin worth between $100,001 and $250,000, held through Coinbase. J.D. Vance also has accounts with Robinhood and Charles Schwab but has not disclosed specific holding details.

The New "God of Wealth" is a Crypto Fanatic

Secretary of the Treasury Scott Bensette

The Treasury Department is the central authority for economic governance in the U.S. government. It is responsible for managing financial affairs, formulating brokerage policies, and financial regulation.

Scott Bensette, a hedge fund mogul and a prominent figure in New York's financial circle, is a disciple of Soros. His personal history is quite legendary; he worked for George Soros 30 years ago and gained fame in 1992 by pushing for the collapse of the British pound, earning over $1 billion. In 2015, he left to found Key Square Group, which at its peak managed over $5 billion in assets.

He is the first U.S. Treasury Secretary nominee to publicly support cryptocurrency. In interviews, he has never hesitated to express his love for cryptocurrency, stating, "Cryptocurrency aligns very well with the spirit of the Republican Party. Cryptocurrency represents freedom, and the crypto economy is an irreversible trend." Unfortunately, there has yet to be any public disclosure of Bensette's cryptocurrency holdings.

Secretary of Commerce Howard Lutnick

The U.S. Department of Commerce is primarily responsible for trade investment, export controls, semiconductor research, artificial intelligence, coastal fisheries, and patents. It also oversees the Census Bureau, National Weather Service, and National Oceanic and Atmospheric Administration. The department plays a leading role in economic policy, international trade, and high-tech development. For cryptocurrency, it will determine the future U.S. policy direction and resource allocation in this emerging field.

Secretary Lutnick, a Jewish financier and major donor during Trump's campaign, was born in 1961 and graduated from Hofstra University. He previously worked at Cantor Fitzgerald and became its CEO. Since 2021, Cantor Fitzgerald has engaged in cryptocurrency-related business, helping Tether manage its U.S. Treasury inventory backing its USDT stablecoin. Recently, he announced a Bitcoin financing business that will provide leverage for Bitcoin investors, with initial funding of up to $2 billion. After being nominated by Trump as Secretary of Commerce, he plans to hand over the company's Tether business relationship to his son Brandon Lutnick.

He also has a very positive attitude towards cryptocurrency, stating, "We have the largest capital markets and the strongest financial system; if we do not take the lead in promoting the widespread use of cryptocurrency, we will lose this advantage." As a super fan of Bitcoin, Lutnick has repeatedly supported Bitcoin's development in public. At the 2024 Bitcoin Conference, he stated, "Bitcoin is the same as gold. Bitcoin should be traded like gold—globally, without exception. Bitcoin is the future of the economy!"

Lutnick recently revealed in an interview with Professional Capital Management founder Anthony Pompliano, "I own Bitcoin worth hundreds of millions of dollars, and I expect that number to soon reach billions."

Other Crypto-Friendly Members

Additionally, other cabinet members from different departments also hold some cryptocurrency:

• National Security Advisor Mike Waltz has publicly disclosed his Bitcoin holdings. The 2023 disclosure records show that Waltz owns between $50,000 and $100,000 in Bitcoin.
• Director of National Intelligence Tulsi Gabbard was also disclosed to hold between $1,000 and $15,000 in Litecoin and between $1,000 and $15,000 in Ethereum in the second half of 2017.
• Secretary of Health and Human Services Robert Kennedy Jr. has also stated that he would invest most of his wealth in cryptocurrency and claims to be a firm supporter of Bitcoin.

Left and Right Arms of Musk

The Department of Government Efficiency (D.O.G.E) is a new initiative proposed by Trump. Its main goal is to reduce the federal budget deficit and improve the efficiency and effectiveness of government operations. The two candidates he nominated are deeply connected to cryptocurrency.

Co-Leader of the Department of Government Efficiency Elon Musk

The concept of the Department of Government Efficiency (DOGE) originated from a discussion between Elon Musk and Donald Trump, where Musk proposed the idea of establishing a streamlined government efficiency department. Musk was appointed by Trump as the co-leader of the "Department of Government Efficiency," with the department's abbreviation matching the code for Dogecoin (DOGE), making him the most suitable person to convey the spirit of cryptocurrency. Musk and Vivek Ramaswamy will work with the Office of Management and Budget (OMB) to address "massive waste and fraud" in government spending.

Elon Reeve Musk, born in South Africa, is undoubtedly an outstanding businessman, known for his key roles in the space company SpaceX and the automotive company Tesla, Inc. He also owns the company X Corp, which operates the social media platform X (formerly Twitter). As of November 2024, Forbes estimates his net worth at $304 billion. As a key member of Trump's camp, he has publicly supported Trump multiple times, and his tweets have had a significant impact on cryptocurrency, with PAC, PNUT, and WOULD all experiencing massive increases due to his influence.

In terms of crypto assets, according to Arkham Intelligence, Tesla holds 11,509 BTC, worth about $1.11 billion, while Musk personally "still holds a large amount of Dogecoin."

Co-Leader of the Department of Government Efficiency Vivek Ramaswamy

Vivek Ramaswamy was born in Cincinnati, Ohio, and was once named a "Young Global Leader" by the World Economic Forum. He holds a Juris Doctor degree from Yale University and is a genius in the pharmaceutical industry, having founded the American pharmaceutical company Roivant Sciences in 2014. He later entered American politics and ran as a Republican in this year's presidential election, with quite a legendary background.

He is very optimistic about cryptocurrency. Not only does he claim to hold digital assets, but he has also publicly supported crypto compliance. At the 2023 Miami Bitcoin Conference, he announced that he would accept cryptocurrency donations for his campaign. At the Messari Mainnet conference, he actively shared his forward-looking views on cryptocurrency and announced an upcoming cryptocurrency policy blueprint. In early November, he announced that his asset management company Strive would include Bitcoin in clients' portfolios.

Conclusion

However, the completion of Trump's nominations does not mean that these cabinet members can immediately take office; they must wait for Senate approval before assuming their positions. Normally, the likelihood of the Senate approving Trump's cabinet list is quite high.

This 2.0 update seems particularly friendly towards the crypto industry across various departments, from economics to policy, but the road to regulation and compliance is still long. With the approval of ETFs, interest rate cuts, and the completion of the "crypto dream team," we believe we can witness the arrival of the golden age of cryptocurrency together.

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