Meet the Crypto Investors Eyeing a Spot in Trump’s White House!
Donald Trump is stepping up to the plate as a pro-crypto president, and it seems this digital asset enthusiasm is infectious, likely extending to his entire administration!
Vice President-elect JD Vance, alongside several of Trump’s handpicked nominees, has a proven track record of involvement in the crypto scene, from owning cryptocurrencies to having business interests in the space, as highlighted in federal filings and public statements.
Trump’s cabinet is packed with crypto enthusiasts, including the likes of Robert Kennedy Jr., Howard Lutnick, Pete Hegseth, and Tulsi Gabbard, who are set to take on pivotal roles as Secretary of Health and Human Services, Secretary of Commerce, Secretary of Defense, and Director of National Intelligence, respectively.
Even Trump has thrown his hat in the ring, revealing in federal disclosures that he’s invested between $1 million and $5 million in Ethereum (ETH-USD), the second-largest cryptocurrency globally, as per an August filing with the Federal Election Commission.
Trump and his sons are also backing a crypto venture called World Liberty Financial, which they’ve been ardently promoting on social media platforms.
In a lucrative deal, a Trump family-owned LLC stands to gain 22.5% of the project’s crypto tokens (WLFI-USD) and a remarkable 75% cut of any net revenue after World Liberty reaches $30 million.
Interestingly, under current law, neither the president nor the vice president is compelled to divest their crypto holdings, even amidst potential conflicts of interest. However, a 1977 law mandates annual disclosures detailing their income, assets, and debts.
Vance, for instance, reported in August owning between $250,000 and $500,000 in Bitcoin (BTC-USD), though it’s unclear whether he still holds these assets.
However, complications may arise for some of Trump’s Cabinet nominees regarding asset divestiture.
If their holdings pose conflicts of interest related to their official duties, they may be required to divest. A letter from the Office of Government Ethics (OGE) in 2022 further clarified that this rule encompasses digital assets too.
“There are numerous individuals in this administration with vested interests in crypto,” Ian Katz, managing director of Capital Alpha Partners, noted to Yahoo Finance. “Their success is tied to the thriving of the crypto market, even if it means divesting some holdings.”
In June 2023, Kennedy disclosed his Bitcoin holdings, ranging from $100,001 to $250,000.
At last July’s Bitcoin conference in Nashville, he shared with Yahoo Finance, “I invested a significant portion of my wealth into it—not solely for profit but because it resonates deeply with my values.”
