As Donald Trump prepares for his first cabinet meeting as president, many of his handpicked officials have been revealed to be significant cryptocurrency investors, according to financial disclosures submitted as part of the nomination process.
From Bitcoin to Solana, several of Trump’s nominees have embraced digital assets, signaling a potential crypto-friendly administration. Here’s a closer look at the announced portfolios of some key cabinet picks.
The former US House representative from Wisconsin and Trump’s pick for Secretary of Transportation has the largest crypto portfolio among the announced candidates:
- Bitcoin: $500,000 to $1 million in personal wallets.
- Fidelity Spot Bitcoin ETF: $50,000 to $100,000.
- Other Assets: Solana, Litecoin, and Lido Staked Ether.
- Duffy’s total crypto assets are estimated to range between $570,000 and $1.2 million. His background also includes consulting for Robinhood, a platform known for crypto trading.
Scott Bessent, founder of hedge fund Key Square Group, is set to lead the Treasury Department, a key agency that regulates cryptocurrencies.
- BlackRock Spot Bitcoin ETF: $250,000 to $500,000.
- Bessent has expressed support for Bitcoin but plans to divest his holdings if approved, as stated in his ethics agreement.
John Ratcliffe, a former congressman from Texas and former director of national intelligence, does not have any major crypto assets. However, his connections to the crypto world include serving on the advisory board of Paradigm, a leading crypto-focused venture capital firm.
- Consulting Fees: $160,000 earned from Paradigm since October 2023.
- Ratcliffe plans to resign from his position following his confirmation.
Tulsi Gabbard, the former Democratic congresswoman who is switching to the Republican Party in 2024, has a diverse crypto portfolio:
- Bitcoin: $15,000 to $50,000 in a CryptoCom wallet.
- Bitwise Spot Bitcoin ETF: $15,000 to $50,000.
- Other Assets: Solana, Cronos, and ETH, with total asset value between $31,000 and $115,000.
- Gabbard also plans to divest herself of her crypto assets once she is confirmed.
*This is not investment advice.