Trump's Cabinet Is Cashing in on Crypto
Trump himself, of course, stands to benefit because of his holdings in the $TRUMP memecoin and his kids' crypto project World Liberty Financial—which just happened to have recently launched a stablecoin, right before Congress passed the GENIUS Act to regulate and legitimize that exact type of asset. But, according to the Washington Post, Trump packed the cabinet with crypto aficionados. About one in every five nominees put up for a position in the Trump administration either holds cryptocurrency or invested in a cryptocurrency company, the report found.
Per the Post, Trump has the biggest stake in crypto, worth at least $51 million. His partner on the ticket, JD Vance, also got his beak wet. He reported holding between $250,001 and $500,000 in Bitcoin in his 2024 financial disclosure.
In the rest of Trump's cabinet, crypto is king, too. Treasury Secretary Scott Bessent also reportedly had at least $500,000 in digital assets before being sworn in, but divested them according to WaPo. Defense Secretary Pete Hegseth and Director of National Intelligence Tulsi Gabbard both reported holdings under $1 million, and Gabbard reportedly divested her holdings before taking office. But the biggest holder is Health and Human Services Secretary Robert F. Kennedy Jr., who reported holding between $1 million and $5 million in crypto.
And it's not just the people in Trump's direct orbit who have fat stacks of code in their digital wallets. Administration officials, including more than a dozen who directly oversee financial regulation, also have crypto holdings. That includes Bill Pulte, the director of the Federal Housing Finance Agency, who holds between $1 million and $2 million in digital currencies.
Scott Kupor, the guy Trump tapped to lead the Office of Personnel Management, reportedly holds almost $10 million in crypto, which is not surprising given his prior role at Andreessen Horowitz, a venture capital firm that has a whole crypto-focused arm.
Even when an official's crypto holdings are unknown, the ties remain. Take David Fogle, the nominee to serve as director general of the U.S. and Foreign Commercial Service inside the Commerce Department. He's the CEO of crypto-mining company NCCS. And Jonathan Gould, the head of the Office of the Comptroller of the Currency? Most recently served as chief legal officer at the blockchain company Bitfury. As the Post shows, it's just crypto all the way down.
Does it matter that some random officials in the administration hold crypto? Well, considering how there is a concerted effort to get the digital currency tied to everything, yes. The administration has already said it's interested in exploring tying mortgages to crypto assets and using the blockchain for housing grants. Just yesterday, Trump said he'll allow retirement fund managers to invest in digital assets. We're not getting rid of this stuff any time soon, and the people who stand to profit from it are at the helm. Godspeed, everyone.
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