Home Trump’s incoming appointments likely to mark pro-crypto change in government stance

Trump’s incoming appointments likely to mark pro-crypto change in government stance

TLDR

  • Trump plans to appoint multiple pro-crypto advisors to key government positions.
  • The inauguration features a 'crypto ball' hosted by AI and Crypto Czar David Sacks.
  • Key appointees include Elon Musk, Howard Lutnick, and Scott Bessent, all crypto advocates.

President-Elect Donald Trump, due to be inaugurated on Monday,  is set to appoint multiple pro-crypto candidates to key governmental and advisory positions. These appointments, alongside Trump’s positive stance on cryptocurrency and mounting involvement in the sector, are likely to mark a change in the government’s regulatory stance and policies.

Trump’s inauguration will include a ‘crypto ball’, a black-tie event celebrating him as the “first crypto president”. David Sacks, Trump’s appointed AI and Crypto Czar, will be hosting the event and it will be attended by many crypto professionals and enthusiasts. Trump himself is not scheduled to attend.

Recent reports have estimated Trump’s crypto holdings at over $9 million, spread across multiple coins. As well as regulatory changes in the government, Trump’s appointees and their pro-crypto stances are predicted to ease crypto-bank relations.

Who are Trump’s pro-crypto advisors?

Elon Musk – Department of Government Efficiency – Musk is the serial entrepreneur owner of Tesla, SpaceX, X, and several other companies. He is well known to be pro-crypto and recent statements made by himself and X CEO Linda Yaccarino suggest that crypto integration could soon be coming to the social media platform. Even the Department of Government Efficiency (DOGE) is a nod to dogecoin, which started as a memecoin but is now the seventh biggest crypto token in the world.

Howard Lutnick – Secretary of Commerce – the CEO of Cantor Fitzgerald, a New York brokerage firm that manages U.S. Treasuries for Tether stablecoin, has confirmed that he owns bitcoin. At the Bitcoin 2024 conference, he said: “Do I own bitcoin? Of course I do. Does Cantor Fitzgerald own bitcoin? A shedload of bitcoin.”

Scott Bessent – Treasury Secretary – a billionaire hedgefund manager. Bessent currently owns shares in a BlackRock bitcoin exchange-traded fund but plans on divesting his interests within 90 days of confirmation in order to avoid conflicts. He told Fox News in July that: “Crypto is about freedom and the crypto economy is here to stay. I think everything is on the table with bitcoin.”

Other pro-crypto appointees to Trump’s government include Vivek Ramaswamy, who will work with Musk at DOGE; David Sacks, who will lead the government’s AI and crypto strategy; Steve Witkoff, Middle East envoy; Trump’s sons Eric, Donald Jr and Barron; JD Vance, the vice president; and Paul Atkins, SEC chair.

Featured image credit: Generated by Grok

About ReadWrite’s Editorial Process

The ReadWrite Editorial policy involves closely monitoring the tech, gambling and blockchain industries for major developments, new product and brand launches, AI breakthroughs, game releases and other newsworthy events. Editors assign relevant stories to in-house staff writers with expertise in each particular topic area. Before publication, articles go through a rigorous round of editing for accuracy, clarity, and to ensure adherence to ReadWrite's style guidelines.

Ali Rees
Tech journalist

Ali Rees is a freelance writer based in the UK. They have worked as a data and analytics consultant, a software tester, and a digital marketing and SEO specialist. They have been a keen gamer and tech enthusiast since their childhood in are currently the Gaming and Tech editor at Brig Newspaper. They also have a Substack where they review short video games. During the pandemic, Ali turned their hand to live streaming and is a fan of Twitch. When not writing, Ali enjoys playing video and board games, live music, and reading. They have two cats and both of…

Get the biggest tech headlines of the day delivered to your inbox

    By signing up, you agree to our Terms and Privacy Policy. Unsubscribe anytime.

    Tech News

    Explore the latest in tech with our Tech News. We cut through the noise for concise, relevant updates, keeping you informed about the rapidly evolving tech landscape with curated content that separates signal from noise.

    In-Depth Tech Stories

    Explore tech impact in In-Depth Stories. Narrative data journalism offers comprehensive analyses, revealing stories behind data. Understand industry trends for a deeper perspective on tech's intricate relationships with society.

    Expert Reviews

    Empower decisions with Expert Reviews, merging industry expertise and insightful analysis. Delve into tech intricacies, get the best deals, and stay ahead with our trustworthy guide to navigating the ever-changing tech market.