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Source: Plain Language Blockchain
Bitcoin prices have soared since Trump won the presidential election on November 5, 2024.Just one month later, Bitcoin broke through the $100,000 mark, setting off a new round of market boom.
Behind the carnival, a series of crypto-friendly statements during Trump’s campaign are inseparable.He made a clear promise to strongly support the development of the crypto industry if he came to power, and expressed his intention to build the United States into the “global cryptocurrency capital”, and stated that he would establish a “strategic reserve of Bitcoin”. In addition, Trump also announced his familySupported encryption platform – World Liberty Financial (WLFI).
Just a few days before Trump took office,A Memecoin named “Trump” emerged and quickly attracted market attention with the title of US president., and also attracted a large number of new investors to enter the market with the “breaking circle” effect, pushing the craze in the crypto industry to a new level.
On January 20, Trump was officially sworn in.At the same time, a group of crypto-friendly officials he nominated were also in place.Among them, on January 23, Republican Senator Cynthia Lummis, who proposed the Bitcoin Act, was appointed chairman of the Senate Banking Digital Assets Subcommittee.CZ said, “Bitcoin reserves are basically confirmed.”
In addition to Rumis, this lineup, which is called the “crypto dream team” by the outside world, also hasWhich heavyweights?How will they affect the future of the crypto industry?Let’s find out.
01Crypto-friendly SEC Chairman
As we all know,The SEC and Encryption have been in trouble for a long time.As an institution under the U.S. government that regulates the stock market, with the aim of maintaining transparency in transactions, combating fraud plans, and protecting investors’ confidence in the stock market, the SEC formulates securities registration rules and supervises its performance.
The SEC’s supervision of the crypto industry was traced back to 2013, but as the development and growth of encryption have become stronger and stronger, the supervision has become increasingly strong.In recent years, all major regulatory projects in the industry have been related to SEC.Including Ripple lawsuit, FTX crash, BN fine incident, etc.
On the second day of his oath of office, the second day of former SEC chairman Gary Gensler’s resignation,Trump announced that SEC’s Republican member Mark T. Uyeda will serve as acting chairman to Paul Atkins (the official candidate to replace Gensler by Trump) to complete the Senate confirmation process.On the same day, Mark announced the establishment of a cryptocurrency working group to develop a clear and clear regulatory framework for the United States crypto assets.
Mark Uyeda (first from left) takes office as acting SEC chairman, source: YouTube
From the SEC’s official statement, Mark has a rich educational background and career experience, has worked as a lawyer in Washington and Los Angeles, and has since joined the California securities regulator and has held several senior positions in the Trump administration.At the SEC, he held several important positions and eventually became a SEC committee member in June 2022.
Although he is relatively low-key in the public eye, he is reportedly supported by the development of the crypto industry.In his past work, he voted in favor of ETF reviews related to crypto and took a similar stance on partial decisions with another committee member Peirce, advocating that the SEC should respond positively to the needs of the crypto industry and promote the development of a clearerRegulatory rules.
Previously, on December 4, 2024, Trump nominated Paul Atkins, who served as SEC committee member during the Bush administration (2002-2008), as the next SEC chairman.
Atkins worked in securities issuance and mergers and acquisitions at a New York law firm. In 1990, he joined the Securities and Exchange Commission (SEC) and assisted multiple chairmen in formulating important regulations, involving corporate governance, shareholder equity, and capital market access., has rich legal and regulatory experience.
In recent years, AtkinS has been supporting the development of the crypto asset industry.He served as co-chair of Token Alliance, promoting best practices for digital asset issuance and trading platforms; he also served as an advisor to the DeFi platform Reserve Rights Foundation.In 2022, he proposed allowing 401(k) pensions to invest in Bitcoin, believing that the potential of this asset class is worthy of acceptance by more Americans.
On a podcast show in early 2024, Atkins made his point explicit: “We are heading towards an era of transformation for cryptocurrencies. As long as the government and SEC are more inclusive and have direct dialogue with the industry, the U.S. marketThe future will be brighter.”He stressed that the SEC should support market innovation, reduce investor costs, and return to its core mission.
In addition to support for cryptocurrencies, Atkins also criticized the Dodd-Frank Act for its unreasonable burden on the banking industry, advocating to reduce government intervention in the market.
Ripple CEO Brad Garlinghouse affirmed Atkins’ nomination, calling it “a great choice” and believed he would bring a whole new look to the SEC.Although Atkins’ personal holdings of crypto assets have not been disclosed, there is widespread speculation that he may hold Bitcoin or other mainstream crypto assets.
Atkins’ appointment currently needs to wait for the Senate vote, which takes several months to wait. Mark is temporarily appointed as acting chairman..Overall, Mark Uyeda’s acting chair and Paul Atkins’ official nomination mark a more inclusive and positive regulatory attitude.Whether this change can promote the balance between industry and policy will attract much attention.
02Finance Minister who supports crypto
As the core department of the federal government, the US Treasury Department is responsible for fiscal policy, currency issuance, tax management, financial market stability and combating money laundering. It also regulates anti-money laundering and terrorist financing, promotes digital dollar research, and affects the development and legalization of the crypto industry.In the United States, the Treasury Secretary is considered one of the “four important positions in the US Cabinet” second only to the Vice President.
On November 22, 2024, Trump nominated billionaire Scott Bessent to the post of Treasury Secretary.
Besent, 63 years old, graduated from Yale University’s political science major.During college, he studied macroeconomics and financial instruments in depth, and quickly emerged after graduation. He served as Chief Investment Officer of Soros Fund Management Company, with rich experience in market trading and economic policy consulting.As a financial expert who openly supports cryptocurrencies, Bescent repeatedly called cryptocurrencies “an integral part of the financial future.”In an interview with Fox Business Channel in early 2024, he said: “Cryptocurrency represents freedom and the crypto economy will continue to exist.” He emphasized in particular that the most attractive thing about Bitcoin is that it attracts young people and has not participated before.People in the market.He believes that cultivating market culture and establishing a system that is more suitable for the masses is the core of capitalist development.
Trump once praised Becente on the Truth Social platform, calling him “one of the world’s most outstanding international investors and strategists”, and said Becente’s successful experience perfectly interprets the “American Dream.”Trump also mentioned that on the 250th anniversary of the founding of the United States, he will work with Becenter to consolidate the United States’ position as a global economic, innovation and capital center, while ensuring that the US dollar continues to be a global reserve currency.
As a key ally of Trump on Wall Street, Becent not only provided financial support for his campaign, but also provided key advice on his policymaking.However, Becente’s nomination has triggered different reactions in the industry.Ripple CEO Brad Gallinghouse called it a “win of innovation” and believes Becente’s joining will drive crypto-friendly policies.Instead, Elon Musk expressed disappointment at the nomination, criticizing Becent as “the choice as usual” and warning that it was this way of thinking that led to “the bankruptcy of the United States.”
According to reports on January 22, Mike Claypo, currently chairman of the Senate Finance Committee, said he hopes that the Senate will hold a full confirmation vote on Scott Becent, the candidate for Treasury Secretary nominated by US President Donald Trump, next week.
03BTC Max’s Minister of Commerce
The U.S. Department of Commerce is mainly responsible for promoting economic growth, increasing employment, promoting international trade and technological innovation, while playing a key role in strengthening the U.S. semiconductor industry and reducing dependence on Asia.Although the Ministry of Commerce does not directly supervise the crypto market, it can still have indirect impacts on the security of the crypto market, technology research and development, international trade and intellectual property protection through relevant functions and policy measures.
On November 19, 2024, Trump nominated Howard Lutnick, CEO of Cantor Fitzgerald, as the new Secretary of Commerce.
Lutnik is undoubtedly a staunch supporter of Bitcoin.He made it clear in an interview with CNBC podcast: “I support cryptocurrency, but only support Bitcoin. No other tokens are worth mentioning.” He also specifically mentioned the support for the stablecoin Tether and said: “Bitcoin”We should trade freely like gold, and we will do our best to push this goal.” His speech at the Bitcoin Conference in 2024 further consolidated his clear position in the crypto industry.In addition, according to him, he personally holds a large amount of Bitcoin.
According to Coindesk, Jianda not only manages Tether reserves, but also participates in U.S. Treasury bond transactions, and has announced a Bitcoin financing business of up to $2 billion to provide leverage for Bitcoin investors.
Lutnik is also a close ally of Trump and a staunch supporter of the MAGA movement.He actively raised funds for Trump in the 2020 and 2024 presidential campaigns.
Previously considered a popular candidate for Treasury Secretary, Trump eventually appointed Lutnik to helm the smaller Commerce Department.
After the nomination, Lutnik expressed his gratitude on social media X, saying he would be committed to achieving the goal of “making America great again.”
Lutnik’s nomination has received support from many parties.Health Secretary nominee Robert F. Kennedy Jr. praised him on social media as “the strongest advocate of Bitcoin”, and Musk also publicly supported Lutnik as Treasury Secretary.
However, if Lutnik officially takes office, he may take a tougher attitude towards China’s trade policy.During the US election, he publicly supported the imposition of 60% tariffs on Chinese goods, which could become a key issue in future Sino-US trade relations.
There are news that has been announced to be appointed.
04The Ministry of Government Efficiency Leadership by Musk
In the executive order signed on the day of Trump’s inauguration,One is the announcement of the formal establishment of the Ministry of Government Efficiency, a cost-cutting program jointly led by Elon Musk and Vivek Ramaswamy.The full name of the Ministry of Government Efficiency is Department of Government Efficiency, or DOGE. Since the abbreviation of this department is also related to the cryptocurrency Dogecoin that Musk has long promoted, the relevant news has also become a weather vane for the development of Dogecoin..
The executive order clarifies the department’s goals and structure, including specific measures such as upgrading the government IT system and promoting the application of DOGE (Dogecoin) in government payments and technology integration.
And Ramaswami, the founder of Strive Asset Management, has an important layout in the fields of asset management and Bitcoin investment.According to a financial disclosure filing in June 2023, Ramaswami holds $100,000 to $250,000 worth of Bitcoin and $150,000 to $50,000.His personal investment reflects his high trust in crypto assets.
According to previous plans, this department was not a formal federal government agency in the traditional sense, but operated as an independent organization, provide policy advice to the White House and monitor reform measures.The Department of Government Efficiency will focus on large-scale government spending cuts, streamlining the bureaucracy of the U.S. government, and trying to streamline government bureaucracy by divesting redundant departments and processes to save costs.Musk, as a tech giant, will help promote strategic and technological innovation in the department, while Ramaswami will take on a key leadership role.
However, under Monday’s executive order, DOGE will be located within the administration rather than operate as an external advisory committee.The executive order also announced that the White House’s existing “American Digital Service” (focused on improving government websites and technology) will be renamed “American DOGE Service.”The core purpose of DOGE is to “implement the President’s DOGE agenda to maximize government efficiency and productivity through modernizing federal technology and software.”
Although the Executive Order did not specify the specific details of the reduction of spending and restructuring agencies, DOGE was given the important responsibility of upgrading the federal IT system.
And according to relevant information, the cooperation between Musk and Trump has begun very early. During the 2024 election, Musk invested more than $130 million to support Trump’s campaign.
Overall, the Ministry of Government Efficiency is a controversial but highly concerned innovative policy project launched by Trump and Musk. The operation model, specific goals and challenges this organization deserves continuous attention..
05White House Head of AI and Cryptocurrency Affairs
At the end of 2024, Trump also made a series of nominations for his Office of Science and Technology Policy (OSTP).
1) Professor of AI at Stanford University
Michael Kratsios was appointed director of the White House Office of Science and Technology Policy.At the same time, he was appointed as president of the incoming Trump administration’s technology assistant, consulting David Sacks, the “artificial intelligence and cryptocurrency czar”.
Kratz is a researcher at the Stanford HAI Institute for Artificial Intelligence (Stanford HAI). Before serving as director of the White House Office of Science and Technology Policy, he was a science and technology official in the Trump administration. He served in the Department of Defense and Engineering, and at EnsuringDepartment of Defense has important voice in various R&D budgets and projects. It has doubled the federal AI and quantum research funding, and has won the Ministry of Defense’s Outstanding Citizen Service Award and the honors of 40 elites under 40 in Fortune.
In addition, Kratz also led the formulation of the United States’ first artificial intelligence strategy and formulated the world’s first AI development regulatory principles, which set a new benchmark for the United States in technological innovation.
2) Encryption Tsar
In early December 2024, David Sacks was nominated for the president’s artificial intelligence and cryptocurrency consultant,And serve as PCAST(Abbreviation of Presidential Council of Advisors on Science and Technology, Presidential Advisory Committee on Science and Technology)Co-Chairman.
This is a new position focused on crypto policy, and this is the first time in the White House.The newly established position also highlights Trump’s intention to promote rapid development of both industries.Trump posted on his social media site Truth Social: “In this important role, Sax will guide the administration’s policy on artificial intelligence and cryptocurrency, both areas that are crucial to the competitiveness of the United States in the future., Saxophone will be committed to making the United States a global leader in both fields.
It is worth mentioning that Sax is a close friend of Musk. He worked as an executive with Musk in the early days of PayPal’s establishment and was one of the investors who bought Twitter for $44 billion.According to media reports, in April 2024, Musk and Sachs held a billionaire dinner with the theme of “Opposing Biden”.
As a senior technology entrepreneur, Sax became famous in his early years for participating in the development of PayPal and was an early Silicon Valley entrepreneur.He also founded his own venture capital firm Craft Ventures, which has invested in well-known companies such as Airbnb, Palantir and Slack. He is also involved in the crypto field and has invested in crypto companies such as BitGo and Bitwise.
In addition, Sax is the co-host of the famous podcast All In, through the platform in recent years, he has expressed his support for Trump and actively participated in economic policy discussions related to technology.According to media reports, Saxophone has played a key role in helping Trump raise funds from technology industry donors, raising about $12 million for Trump’s campaign, showing its larger presence in the crypto and tech worlds.Influence.
However, the specific responsibilities have not been disclosed yet.
3) A16z’s corner
On December 22, 2024, US President Donald Trump announced on the social media platform Truth Social,Scott Kupor, the first employee and management partner of a16z, has been appointed Director of the Office of Personnel Management (OPM), saying it will “bring a much-needed reform to our federal workforce.”
Kupur will take over OPM in full, take charge of recruitment coordination and resource support, and work closely with the Ministry of Government Efficiency (DOGE).He said on social media X that he would use “efficiency” as the core principle of the federal government to promote the modernization of government institutions.
According to Trump, Kupur is one of the founding team members of a16z.He served as chairman of the National Venture Capital Association (NVCA) and played an important role in the development of a16z.According to the a16z official website information, Kupur helped the company grow from managing $300 million assets to more than $40 billion.He also authors the best-selling book Secrets of Sand Hill Road: Venture Capital and How to Get It.Dune Road is located in Monroe Park, California and is known for its venture capital institutions that gather in Silicon Valley. Technology giants such as Apple, Microsoft, and Amazon have all received founding funds from it.
On December 23, 2024, Trump announced that another partner of a16z, Sriram Krishnan, was nominated for the Office of Science and Technology Policy (OSTP) artificialSmart Senior Policy Consultant.
Krishnan is a senior technology industry leader. Before joining a16z, he served as head of product and engineering teams for companies such as X (formerly Twitter), Meta and Snap, and at Microsoft and Yahoo) and Facebook have accumulated rich experience.
Trump said Krishnan will work closely with Presidential AI and cryptocurrency adviser David Sacks to jointly ensure the United States’ global leadership in the field of artificial intelligence.
In general, the above appointments show that the current Trump administration attaches much more importance to science and technology policy than his previous term.During the last term, the confirmation of the OSTP director was delayed for more than two years, and the team’s arrival speed was significantly accelerated this time.
Among these positions, except for Clasios’ nomination to be approved by the Senate before taking full-time jobs, other senior positions can be started immediately after the new government is sworn in on January 20.
06Director of the IRS who firmly holds Bitcoin
The IRS is responsible for collecting and managing federal taxes to ensure tax laws are enforced.Related to cryptocurrencies, it may regulate tax declarations of cryptocurrencies, requiring transactions, income, investment income, etc. of cryptocurrencies to be reported and paid in accordance with the law to ensure tax compliance.
On November 12, 2024, Trump announced the nomination of Fox News TV host Pete Hegseth, a former combat soldier, as U.S. Secretary of Defense.According to relevant information, Hegess insists on the decentralized value of Bitcoin and promises not to sell Bitcoin.
In December 2024, it was reported that President-elect Trump hoped to cancel all capital gains taxes for cryptocurrencies issued by American companies. As soon as the news came out, crypto assets such as ADA, ALGO, XRP and HBAR created by American companies all rose.,So now, it will take time to verify when Hegses will make it clear whether all the profits obtained by these companies can be completely tax-free.
07Crypto-friendly House Speaker
November 4, 2024 news, Republican Rep. Mike Johnson, supported by Trump, was successfully re-elected as Speaker of the House of Representatives.Johnson is a crypto-friendly person.He had previously voted for the 21st Century Financial Innovation and Technology Act (commonly known as FIT21) and the anti-Central Bank Digital Currency (CBDC) Act, which aims to provide a regulatory framework for digital assets and related technologies, and the latter mainly aims to support decentralizationfinancial innovation.
Industry media are reporting that Johnson’s re-election, crypto-friendly members of Congress are likely to push cryptocurrency legislation in 2025.However, according to foreign media, Johnson’s position on cryptocurrency is not completely clear.Some media reports say he may not make crypto regulation a priority.
Overall, Johnson’s re-election may provide new impetus for cryptocurrency legislation, but its specific impact will depend on the actions he and other members of Congress in the future policy-making process.
08Chairman of the Digital Assets Group who proposed the Bitcoin Act
On January 23, Senator Cynthia Lummis was appointed chairman of the Senate Banking Digital Assets Subcommittee.
Rumis, Republican senator, has attracted much attention in the U.S. politics for his firm support for cryptocurrencies and bold proposals.Not only is she the first Senate to publicly recognize her own Bitcoin, she is also known as the “Crypto Queen” for the proposal of the “passing the National Optimization Investment Promoting Innovation, Technology and Competitiveness Act” (the Bitcoin Act for short).and “Bitcoin Senator”.With her push, Bitcoin, a disruptive technology, is moving from a private investment vehicle to a national strategic reserve.
As the first Senate member to openly hold Bitcoin, Lummis’ support for Bitcoin began with personal investment and gradually extended to policy proposals.She believes that Bitcoin is an effective tool to deal with inflation and protect personal financial freedoms, and even publicly calls for the “emergency passage” of Bitcoin strategic reserve legislation.
In July 2024, Lummis proposed the Bitcoin Act.It advocates the establishment of US strategic Bitcoin reserves to enhance the strength of the US dollar and deal with inflation problems.The proposal aims to provide innovative solutions to the U.S. fiscal system through the purchase and reserve of Bitcoin, mainly including the following key measures:
1) Establish a secure Bitcoin reserve network
A decentralized Bitcoin vault network run by the U.S. Treasury Department ensures the highest level of physical and cybersecurity held by the state.
2) Buy Bitcoin on a large scale
It is planned to purchase 1 million Bitcoins within five years, accounting for 5% of the total Bitcoin supply, and its scale is comparable to that of the US gold reserves and set a minimum holding period of 20 years.
3) Transparent funding sources
Bitcoin procurement will be achieved by diversifying existing funds within the Federal Reserve system and the Treasury Department, rather than adding financial burdens.
4) Respect personal financial freedom
Clearly support the self-custody rights of private Bitcoin holders to ensure that national strategic reserves do not infringe on personal property freedom.
Previously, Lummis’ proposal has sparked widespread discussion in Congress for its forward-looking and controversial nature.Supporters believe that Bitcoin as a store of value can strengthen the U.S. balance sheet and provide innovative solutions to national debt problems.However, opponents question Bitcoin’s volatility and its potential risks to national security.
Despite this, Lummis did not back down, and now she was successfully elected today, she should push the bill again.If this proposal is advanced, it may support the future development of the crypto industry and have a profound impact on Bitcoin’s market position.
09summary
It can be seen that after the election, Trump is actively nominating cryptocurrency-friendly executives to take important positions.At present, Trump 2.0 is on the road to fulfilling its oath of “cryptocurrency capital” and “bitcoin superpower”.
However, Trump’s large-scale layout in the encryption field has also caused doubts from the outside world about using power for personal gain.According to market news, Trump’s move to launch personal Memecoin as a presidential candidate and support for the crypto platform (World Liberty Financial) conflicts with his political responsibilities.
Some experts also remind investors to remain vigilant, “Although Trump’s support may bring short-term benefits, whether it is conducive to the long-term development of the cryptocurrency industry still needs to be observed in the specific implementation of the policy.”
Can the “golden age” of cryptocurrencies come smoothly as scheduled?Let’s wait and see.
