A Pro-Crypto President? Trump’s Administration Pledges Support for Digital Assets
As Donald Trump prepares to take office, his administration has shown a clear affinity for digital assets. The president-elect himself has acknowledged investing in cryptocurrencies, and several of his nominees have disclosed or discussed their exposure to these assets through asset ownership or business interests.
A Pro-Crypto Cabinet?
One of the most notable examples is Robert Kennedy Jr., Trump’s pick to be Health and Human Services secretary. Kennedy has been a long-time advocate for cryptocurrency and has spoken at numerous bitcoin conferences, including the Bitcoin 2024 conference in Nashville, Tennessee. According to federal filings, Kennedy owns between $100,001 and $250,000 worth of bitcoin.
Another nominee with ties to cryptocurrency is Howard Lutnick, who has been tapped to become Commerce secretary. As CEO of Cantor Fitzgerald, a Wall Street firm that manages the US Treasurys backing Tether’s stablecoin (USDT-USD), Lutnick has a clear conflict of interest in his nomination. However, he has pledged to divest his interests in Cantor and related companies "to comply with US government ethics rules."
Vice President-Elect JD Vance: A Crypto Enthusiast?
Vice president-elect JD Vance has also shown an affinity for digital assets. According to federal filings, Vance owns between $250,000 to $500,000 worth of bitcoin. While it’s not known if he still holds these assets, his enthusiasm for cryptocurrency is clear.
A Conflict of Interest?
While Trump and his nominees have pledged to support digital assets, their investments in these assets could create conflicts of interest. According to the Office of Government Ethics (OGE), government officials are required to divest any assets that present potential conflicts of interest central to their duties. This rule applies to digital assets, which could create a complex web of interests for Trump’s administration.
Trump’s Investment in Ethereum
In August, Trump disclosed owning between $1 million and $5 million worth of ethereum (ETH-USD), the world’s second-largest cryptocurrency. While this investment is not directly related to his duties as president, it suggests that he has a clear interest in digital assets.
The Trump Family Connection
Trump’s sons are also involved in promoting World Liberty Financial, a crypto project they have been touting on social media. In exchange for this promotion, a Trump family-owned limited liability corporation receives 22.5% of the project’s crypto token (WLFI-USD) along with 75% of any net revenues after World Liberty earns $30 million.
A Pro-Crypto President: Implications and Concerns
While Trump’s administration has shown a clear affinity for digital assets, there are concerns about potential conflicts of interest. According to Ian Katz, managing director with Capital Alpha Partners, "Certainly, you have a lot of people in this administration that are coming in that have interests in crypto. They have an interest in crypto doing well and thriving, even if they have to divest holdings."
A Look at Trump’s Nominees
Here is a list of Trump’s nominees and their connections to digital assets:
- Robert Kennedy Jr., Health and Human Services secretary nominee: owns between $100,001 and $250,000 worth of bitcoin
- Howard Lutnick
