Factbox-Trump's inauguration marks new era for cryptocurrency
FILE PHOTO: Republican presidential nominee Donald Trump attends the crypto conference in Nashville ·Reuters
Tom Wilson
5 min read
By Tom Wilson
(Reuters) - Advocates and holders of crypto will soon influence U.S. policy on the emerging technology after a slew of nominations and advisory appointments by President-elect Donald Trump, who takes office on Monday.
The crypto industry has spent years fighting lawsuits and enforcement actions by the U.S. government. It hopes the incoming Trump administration will mark a shift in policy.
Political appointees will be vetted for potential conflicts. Some have committed to selling their interests.
The industry is hosting a sold-out black tie ball in Washington on Friday, with tickets ranging from $2,500 to $10,000. David Sacks, Trump's artificial intelligence and crypto czar, is scheduled to attend.
Below are some facts on the crypto positions of key members of the incoming administration and Trump's inner circle.
SCOTT BESSENT
A billionaire hedge fund manager, Trump's pick to be Treasury Secretary has spoken favorably about crypto.
"Crypto is about freedom and the crypto economy is here to stay," he told Fox News in July. "I think everything is on the table with bitcoin."
According to a financial disclosure filed last month, Bessent holds shares in a BlackRock bitcoin exchange-traded fund worth between $250,001 and $500,000. Bessent will divest his interests in the fund and other investments within 90 days of his confirmation, he wrote last week to the U.S. Treasury.
Bessent did not respond to a request for comment.
HOWARD LUTNICK
Trump's choice for Secretary of Commerce is a vocal supporter of bitcoin.
Lutnick is CEO of New York brokerage firm Cantor Fitzgerald, which earns fees to manage billions of dollars' worth of U.S. Treasuries for Tether, the company that issues the eponymous stablecoin.
"Do I own bitcoin? Of course I do," Lutnick said at the Bitcoin 2024 conference in July. "Does Cantor Fitzgerald own bitcoin? A shedload of bitcoin."
Lutnick did not respond to a request for comment.
ELON MUSK
The Tesla chief and world's richest man, chosen by Trump to oversee a government cost-cutting effort, the so-called Department of Government Efficiency, has long championed crypto including bitcoin and dogecoin.
His public comments and actions of his companies have in recent years influenced the price of bitcoin and dogecoin, a smaller token conceived as a joke during an earlier crypto bubble.
The acronym for Musk's cost-cutting agency, DOGE, is a nod to dogecoin, which is now the world's seventh-biggest crypto token based on its circulation of $4.5 billion, according to data provider CoinGecko.
In 2021 Tesla bought $1.5 billion of bitcoin, becoming one of the biggest companies to own crypto before selling most of its holdings. It held unspecified digital assets totaling $184 million in September 2024, a company financial report showed.
Musk did not respond to a request for comment sent via Tesla on what crypto assets he may hold.
VIVEK RAMASWAMY
Set to work with Musk at DOGE, the former presidential candidate and entrepreneur is the founder of Strive Asset Management.
Strive, which said in September it managed over $1 billion in assets, last month filed to launch an exchange-traded fund that invests in corporate bonds for bitcoin investments.
The company's wealth management arm, launched in November, seeks to integrate bitcoin into Americans' investment portfolios, Ramaswamy said in a press release.
In June 2023, Ramaswamy held $100,001 to $250,000 of bitcoin and $15,001 to $50,000 worth of the smaller token ether, according to a financial disclosure.
He did not respond to a request for comment.
DAVID SACKS
A former PayPal executive, Sacks was appointed White House artificial intelligence and crypto czar in December, tasked with developing a U.S. legal framework long sought by the crypto industry.
Sacks is a co-founder of venture capital firm Craft Ventures. The firm has invested in crypto firms including BitGo and Bitwise, its website shows.
Sacks did not respond to requests for comment.
STEVE WITKOFF
Trump's Middle East envoy Steve Witkoff, a real estate tycoon and donor to the incoming president, founded crypto venture World Liberty Financial in November.
World Liberty, which sells a proprietary token, lists on its website Trump as among those entitled to a large share of any of the company's revenues.
Witkoff did not respond to requests for comment.
ERIC TRUMP, DONALD TRUMP JR., BARRON TRUMP
Eric Trump told Reuters last year he was very involved in World Liberty, which he, his elder brother Don Jr. - seen as the most influential family member in the presidential transition - and younger half-brother Barron helped to form.
Eric told a bitcoin conference in December the technology was a "financial revolution," and that his father would make the United States the crypto capital of the world.
JD VANCE
U.S. Vice President-elect Vance held between $250,001 and $500,000 in bitcoin in August 2024, according to a financial disclosure.
The venture capital firm co-founded by Vance, Narya, has made investments in Strive, Ramaswamy's asset management company, and video platform Rumble, its website shows.
In November, Rumble said it would allocate its excess cash reserves to bitcoin. The company also received last year a $775 million investment from stablecoin firm Tether.
Asked for comment on the crypto stances of Vance and Trump's sons, Trump-Vance transition spokesperson Brian Hughes said - without providing evidence - that bureaucrats in Washington had sought to stifle innovation with more regulation and higher taxes.
"President Trump will deliver on his promise to encourage American leadership in crypto and other emerging technologies," he said in a statement to Reuters.
PAUL ATKINS
Atkins, a lawyer and former top SEC official, is Trump's choice to lead the Securities and Exchange Commission and has advocated for deregulation. He is expected to take a softer approach to crypto than current Chair Gary Gensler.
Atkins is chief executive of Patomak Global Partners, a consultancy. Patomak advises "cutting-edge crypto-native companies" and traditional financial firms on how to "leverage digital assets for growth," its website says.
Atkins did not respond to a request for comment.
(Reporting by Tom Wilson in London and Michelle Conlin in New York; Editing by Megan Davies and Richard Chang)
