Donald Trump’s inauguration marks a new era for cryptocurrencies

Defenders and owners encryption He will soon influence US policy on emerging technology following a series of nominations and advisory appointments by President-elect Donald Trump, who takes office on Monday. The cryptocurrency industry has spent years fighting lawsuits and enforcement actions by the US government. Hopefully incoming Trump The administration will mark a policy shift. Political appointees will be vetted for potential conflicts. Some have committed to selling their interests. The industry is hosting a sold-out black-tie concert in Washington on Friday, with ticket prices ranging from $2,500 to $10,000. David Sachs, the Trump administration’s artificial intelligence and cryptocurrency official, is scheduled to attend the conference. Here are some facts about the cryptocurrency positions of key members of the incoming administration and Trump’s inner circle.

Scott Besant

Billionaire hedge fund manager, Trump’s pick The closet The minister has spoken positively about cryptocurrencies.

“Cryptocurrencies are about freedom, and the cryptocurrency economy is here to stay,” he told Fox News in July. “I think everything is on the table regarding Bitcoin.” According to a financial disclosure filed last month, Bessent owns shares in the BlackRock Bitcoin exchange-traded fund worth between $250,001 and $500,000. Besant will divest his interests in the fund and other investments within 90 days of his confirmation, he wrote last week to the US Treasury Department. Bessent did not respond to a request for comment.

Howard Lutnick

Trump’s pick for Commerce Secretary is a strong supporter of Bitcoin. Lutnick is CEO of New York brokerage firm Cantor Fitzgerald, which receives fees for managing billions of dollars’ worth of US Treasury securities. pregnancythe company that issues the stablecoin that bears its name. “Do I own bitcoin? Of course I do,” Lutnick said at the Bitcoin 2024 conference in July. “Does Cantor Fitzgerald own Bitcoin? A large amount of Bitcoin.” Lutnick did not respond to a request for comment. Elon Musk

The Tesla CEO and the world’s richest man, whom Trump chose to oversee government cost-cutting efforts, the so-called Department of Government Efficiency, has long defended cryptocurrencies including Bitcoin and Dogecoin. His public comments and his companies’ actions in recent years have affected the price of Bitcoin and Dogecoin, a smaller token that was conceived as a joke during the previous cryptocurrency bubble.

The acronym for Musk’s cost-cutting agency, DOGE, is a reference to Dogecoin, which is now the seventh-largest cryptocurrency token in the world based on its $4.5 billion in circulation, according to data provider CoinGecko. In 2021, Tesla bought $1.5 billion worth of Bitcoin, becoming one of the largest companies to own cryptocurrencies before selling off most of its holdings. A financial report for the company showed it held unspecified digital assets totaling $184 million in September 2024. Musk did not respond to a request for comment sent through Tesla regarding which crypto assets he may hold.

Vivek Ramaswamy

Musk is set to work at DOGE, and the former presidential candidate and entrepreneur is the founder of Strive Asset Management. Strive, which said in September it had more than $1 billion in assets under management, last month filed to launch an exchange-traded fund that invests in corporate bonds for Bitcoin investments.

The company’s wealth management arm, which launched in November, seeks to integrate Bitcoin into Americans’ investment portfolios, Ramaswamy said in a press release.

In June 2023, Ramaswamy owned between $100,001 and $250,000 worth of bitcoin and $15,001 to $50,000 worth of the smaller ether, according to the financial disclosure.

He did not respond to a request for comment.

David Sacks

Sachs, a former PayPal executive, was appointed The white house Artificial Intelligence and Cryptocurrencies in December, where he was tasked with developing a US legal framework that the cryptocurrency industry has long sought.

Sachs is a co-founder of venture capital firm Craft Ventures. Its website shows that the company has invested in cryptocurrency companies including BitGo and Bitwise.

Sachs did not respond to requests for comment.

Steve Witkoff

Trump’s Middle East envoy, Steve Witkoff, a real estate mogul and donor to the incoming president, founded the cryptocurrency project World Liberty Financial in November.

World Liberty, which sells a private token, lists Trump on its website among those entitled to a significant share of any of the company’s revenue. Witkoff did not respond to requests for comment.

Eric Trump, Donald Trump Jr. and Barron Trump Eric Trump told Reuters last year that he was heavily involved in Freedom World, in which he, his older brother Don Jr. – seen as the most influential family member in the presidential transition – and his younger half were involved. Brother Barron helped with the formation.

Eric said at a Bitcoin conference last December that the technology was a “financial revolution” and that his father would make the United States the cryptocurrency capital of the world.

Jordanian dinar Vance

US Vice President-elect Vance owned between $250,001 and $500,000 worth of bitcoin in August 2024, according to a financial disclosure.

Its website shows that the venture capital firm Vance co-founded, Naria, has made investments in Ramaswamy’s asset management firm, Strive, and video platform Rumble.

In November, Rumble said it would allocate its excess cash reserves to bitcoin. Last year, the company also received a $775 million investment from stablecoin company Tether. Asked to comment on the cryptocurrency positions of Vance and Trump, Trump-Vance transition spokesman Brian Hughes said — without providing evidence — that bureaucrats in Washington sought to stifle innovation through more regulation and higher taxes.

“President Trump will fulfill his promise to encourage American leadership in the field of cryptocurrencies and other emerging technologies,” he said in a statement to Reuters.

Paul Atkins

Atkins, a lawyer and former top SEC official, is Trump’s pick to lead the SEC and has called for deregulation. He is expected to take a softer approach to cryptocurrencies than current president Gary Gensler.

Atkins is CEO of Patomac Global Partners, a consulting firm. Patomak says on its website that it advises “leading crypto companies” and traditional financial companies on how to “leverage digital assets for growth.” Atkins did not respond to a request for comment.