With confirmation hearings underway, and as we approach the inauguration of President-elect Donald Trump, many of us are keeping a close eye on what this new presidency could mean for the future of cryptocurrency.
A promising sign of what is to come is Trump’s cabinet and close advisors, which includes notable crypto backers. Several key members of the new administration, in particular, are in a position to expand digital currencies adoption and push for advances in blockchain technology.
Could this administration transform the U.S. into the “crypto capital of the planet” as President Trump has promised in the past?
Let’s take a closer look at key figures in the new administration and how they could influence the cryptocurrency industry…
Howard Lutnick – Commerce Secretary
The president’s pick for Commerce Secretary is a known supporter of cryptocurrency, particularly the stablecoin Tether. Lutnick has expressed his interest in advancing cryptocurrency technology and reducing anti- cryptocurrency regulations and policies.
In a role that is tasked with promoting American businesses interests and engaging with foreign business leaders, the incoming Commerce Secretary could set off a new wave of crypto adoption, helping make digital currencies more accessible and accepted across the global financial ecosystem.
“Bitcoin should trade the same as gold everywhere in the world without exception and without limitation.”
– Howard Lutnick at the Bitcoin 2024 Conference in Nashville.
Scott Bessent – Treasury Secretary
Scott Bessent as Treasury Secretary is likely to play a major role in expanding crypto’s incorporation into the U.S. economy. The billionaire hedge manager, who is reported to hold between $250,000 and $500,000 in bitcoin ETFs, has advocated for mainstream adoption of crypto in the past.
Many believe that Bessent may prioritize integrating blockchain technology into the U.S. financial mainstream. Under his helm, we expect the Treasury department to adopt policies that will foster continued innovation in the crypto space, further legitimizing digital currencies and boosting their growth.
“…crypto is about freedom, and the crypto economy is here to stay…”
– Scott Bessent in an interview with Fox News.
Paul Atkins – Chair of the SEC
Last year’s move by the SEC to approve bitcoin spot ETF was the first in a number of wins for cryptocurrencies, leading to incredible gains for bitcoin in 2024. With Paul Atkins as the new chair of the SEC, the crypto community is even more eager for crypto’s future – Trump’s announcement of Atkins as his choice for SEC chair led bitcoin prices to surge above $100,000.
Though Atkins is not as staunch a supporter of crypto as others on this list, he has made positive comments about digital currencies, hinting that he would help establish an ecosystem where crypto adoption could continue to grow while ensuring that cryptocurrencies are not exploited by criminal organizations.
With his breadth of experience, strong institutionalism, and openness to innovation, Atkins may promote responsible crypto deregulation in the U.S., clearing the path for crypto innovation and adoption.
“If the government, if the SEC were more accommodating and would deal straightforwardly with these various firms, I think it would be a lot better to have things happen here in the U.S. rather than outside, …
– Paul Atkins discussing the U.S. government’s role in regulating the crypto space | Free the People Podcast
J.D. Vance – Vice President
The incoming vice president is another figure in the new administration that may influence the direction of digital currency adoption and regulation in a positive way.
As a senator, J.D. Vance publicly supported crypto-friendly legislation, and has also been vocal about his concern over regulatory overreach by agencies such as the SEC that could hinder crypto innovation. Vance is also reported to hold a substantial portion of his personal investment in digital assets.
The new vice president’s strong alignment with the digital currencies sector could translate to him floating new policies that would reduce barriers within the cryptocurrency market, which could stimulate further industry growth.
“The approach that Gary has taken to regulating blockchain and crypto seems to be almost the exact opposite of what it should be.”
– J.D. Vance discusses SEC Chair Gary Gensler’s approach to digital currency regulations at the RemedyFest 2024.
Donald Trump – President
It is undeniable that President Trump has undergone a massive transformation when it comes to his views on cryptocurrency.
Once a skeptic, Trump now openly champions bitcoin and digital assets as symbols of freedom and financial independence. He has demonstrated his commitment to crypto advancement through his picks for his new administration, as well as by surrounding himself with notable crypto enthusiasts in the tech and business space, including Elon Musk and Vivek Ramaswamy.
The Trump team gave a further vote of confidence to crypto when his campaign began accepting contributions in digital currencies.
And of course, the incoming president has been open about his desire to make the U.S. the global leader in cryptocurrency.
Trump’s commitment and leadership could help steer the U.S. into making massive contributions in the continued development of blockchain technology and may result in greater embrace of digital currencies both domestically and globally.
“Bitcoin stands for freedom, sovereignty and independence from government, coercion and control.”
– President Trump in his keynote speech at the Bitcoin 2024 conference in Nashville.
There is strong support for crypto within the incoming administration
There’s a lot to look forward to with the arrival of the new administration in Washington.
With key members of the Trump presidency holding crypto-friendly stances, and as the country shifts back toward conservative political leadership, we may see a reduction in regulatory hurdles, a push towards developments in blockchain technology, and an increased integration of digital currencies within the U.S. economy.
For investors, this could mean major gains in the value of digital assets like bitcoin, ether and solana…
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