As a seasoned researcher with over two decades of experience under my belt, I have seen the rise and fall of countless political administrations and their impact on various industries, including finance and technology. The nomination of cryptocurrency-friendly figures for key leadership roles within Trump’s incoming administration has piqued my interest, to say the least.
In the lead-up to President Donald Trump’s second term, his upcoming administration has put forward various individuals with favorable views on cryptocurrencies for significant positions.
People who supported the Republican viewpoint that the Biden administration was waging an alleged “war on cryptocurrency” may now be thrilled, given that Trump became the first elected official to promote a personal digital currency.
Although many Americans are familiar with cryptocurrencies, a large majority (around 63%) express low to no trust in the existing methods for investing, trading, or using them due to concerns about their reliability and safety.
Given the impending reform of the U.S. Securities and Exchange Commission and a number of cryptocurrency proponents being appointed to key roles in the government, we’re now facing an era where influence from the crypto sector within the U.S. administration is evident – whether the public embraces it or not.
What could go wrong?
Table of Contents
Scott Bessent
Scott Bessent, Trump’s pick for Treasury Secretary, is recognized for his strong support of cryptocurrencies. Previously serving as the Chief Investment Officer at Soros Fund Management, he gained attention when he voiced enthusiasm about the prospect of cryptocurrencies transforming finance, a viewpoint that resonates with Republican values emphasizing liberty and innovation.
The 62-year-old hedge fund manager has openly expressed his views on separating cryptocurrency’s future from individuals like Sam Bankman-Fried. He positions Bitcoin (BTC) as a chance for young people who are disappointed with traditional financial markets to join together economically.
If Bessent were in charge of the Treasury, it’s probable that he would instigate change in digital assets and minimize the potential for significant tariffs.
— Reuters Business (@ReutersBiz) November 23, 2024
Howard Lutnick
Reportedly, Howard Lutnick, who was chosen by Trump as a potential Commerce Secretary and serves as the CEO of Cantor Fitzgerald, is said to be engaged in discussions with Tether, the leading stablecoin operator, regarding the launch of a $2 billion lending project.
Lutnick, who guided Cantor Fitzgerald into cryptocurrency trading, showcases his talent for merging conventional finance with modern technologies. If the Tether partnership comes to fruition, it could broaden capital access and increase the influence of stablecoins within global financial systems under Lutnick’s guidance.
Grateful for your confidence, President Trump, I am eager to contribute as the incoming Secretary of Commerce. Together with this exceptional administration, I look forward to maximizing America’s economic might and realizing its true potential.
— Howard Lutnick (@howardlutnick) November 19, 2024
Elon Musk and Vivek Ramaswamy
Trump’s daring idea of establishing the “Department of Government Efficiency” (DOGE) has caught people’s attention, not only because of the catchy acronym, but also because crypto enthusiasts are eager to take charge.
Elon Musk, the CEO of Tesla who’s been a strong advocate for Dogecoin (DOGE), along with biotech entrepreneur Vivek Ramaswamy, have been assigned the challenging task of reducing government spending by approximately $2 trillion each year, particularly from programs such as Medicare and Social Security. Ramaswamy has suggested an extreme measure: eliminating entire federal agencies.
There are more than 400 different federal departments or organizations.
— Elon Musk (@elonmusk) November 21, 2024
It’s plausible that the department will be established with the approval of Congress, given that the Republican Party holds the majority in both the U.S. Senate and the House of Representatives.
Brad Garlinghouse
Ripple (XRP) CEO Brad Garlinghouse praised Trump for nominating Bessent as “Treasury Sec.”
It’s important not to jump to conclusions, but if Scott Bessent is indeed chosen by @realdonaldtrump, he would undeniably be a highly suitable candidate. He is likely to emerge as the most forward-thinking and pro-cryptocurrency Secretary of the Treasury we have ever encountered.
— Brad Garlinghouse (@bgarlinghouse) November 23, 2024
However, it’s worth noting that Garlinghouse is known as a significant figure in Trump’s cryptocurrency strategy. It’s been reported that he held talks with Trump’s close advisors, implying he may have had, or could still have, influence over hiring decisions related to the matter.
Beyond calling for the resignation of SEC Chair Gary Gensler, Garlinghouse also foresees a legislative bill aimed at shaping the future of digital asset markets being proposed and discussed in the Senate.
Brian Armstrong
According to Reuters, the CEO of Coinbase, Brian Armstrong, recently held a meeting with former President Trump. The specific details of their conversation remain uncertain; however, it’s been speculated that Armstrong may be interested in becoming part of Trump’s proposed Bitcoin and cryptocurrency advisory committee.
Armstrong is expressing his opinions on leadership, and earlier this month, he proposed that Gensler might be replaced by SEC commissioner Hester Peirce, also known as “Crypto Mom” in the cryptocurrency sphere, who has been criticizing Gensler’s regulatory approach.
If Peirce is unreachable, you can count on Republican SEC Commissioner Mark Uyeda as an alternative. He previously joined forces with her to criticize the agency for what they deemed as “unwise and excessive” actions against cryptocurrency businesses.
She would be the best choice. Smart, fair, professional. Can work with both sides.
— Brian Armstrong (@brian_armstrong) November 7, 2024
Jeremy Allaire
In addition to serving as CEO of the cryptocurrency firm Circle, Allaire has expressed an interest in becoming part of the council. As reported by The New York Times, Allaire, along with other industry experts in cryptocurrencies, is actively seeking more details from Trump’s team.
Allaire was even excited when Trump said he wasn’t a fan of Bitcoin back in 2019.
It’s quite plausible that we are witnessing one of the biggest bull signals for Bitcoin yet. The role of cryptocurrency is increasingly becoming a matter of global policy, even reaching presidential levels. As a result, it’s expected that people worldwide will adopt a blend of traditional and decentralized digital currencies.
— Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) July 12, 2019
Other business leaders are taking cues from Allaire, and one insider has reportedly been actively reaching out to people within Trump’s circle, expressing a desire to join the advisory board for cryptocurrency.
Read More
- PYTH PREDICTION. PYTH cryptocurrency
- 15 Charged for converting Drug Cartels’ Cash into Cryptocurrency in U.S.
- As Lindsay Lohan And Lacey Chabert Headline Christmas Movies, These Comments Have Me Convinced A Mean Girls Holiday Movie Reunion Needs To Be Next
- EXCLUSIVE: Alia Bhatt in talks with Dinesh Vijan for a supernatural horror thriller; Tentatively titled Chamunda
- Niels Arestrup Dies at 75, Iconic Actor Was a Force of Cinema
- Taylor Swift Calls Eras Tour “Most Challenging Thing I’ve Ever Done” at Final Show
- Ben Affleck And Matt Damon Are Back To Work Together, And An Insider Weighed In On Their Longtime Connection
- India signals no fixed timeline for crypto rules, calls for global alliance
- Paul Atkins to Replace Gary Gensler as Next SEC Chair?
- OREO Unveils Six New Products for 2025
2024-11-24 22:46