Just when he looked poised to tap a crypto bull to run America’s economy, Donald Trump is reportedly having a rethink.
After whittling down his list of possible Treasury Secretary picks to Wall Street executives Scott Bessent and Howard Lutnick last week, the president-elect is now reconsidering whether either crypto advocate is up to the job—and is considering some less crypto-friendly alternatives, according to a new report in The New York Times.
The issues appear to primarily be interpersonal. According to the report, Lutnick—who also runs Trump’s transition team—has aggressively lobbied to have himself appointed to run the Treasury, and has denigrated Bessent’s fitness to occupy the position as a means to elevate his chances.
Trump's Likely Pick for Treasury Secretary Is a Bitcoin Believer
Donald Trump’s reported top pick for Treasury Secretary is an enthusiastic crypto supporter who has previously indicated support for the president-elect’s eyebrow-raising plan to establish a U.S. government strategic Bitcoin reserve. Scott Bessent, a billionaire hedge fund manager who worked closely with the Trump campaign on fundraising and economic policy, is currently the top choice among transition team decision-makers to helm the Treasury Department, according to a Tuesday Bloomberg report...
The entire affair has reportedly irritated Trump, to the degree that he is now looking beyond both men to fill the coveted Treasury post.
While the drama appears to have little to do with crypto on its face, it could have significant implications for the sector.
Both Bessent and Lutnick would likely operate the Treasury Department in a manner unprecedentedly amenable to the digital assets industry. Bessent has expressed openness to operating a federal strategic Bitcoin reserve; Lutnick is a major Bitcoin believer whose company Cantor Fitzgerald custodies billions of dollars worth of assets for stablecoin giant Tether.
As Treasury Secretary, both men would likely reverse Biden-era policies that, from stablecoins to crypto privacy tools, have staked out an aggressive and skeptical stance against some of crypto’s most popular offerings.
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In a move that left both allies and opponents reeling, President-elect Donald Trump has tapped pro-crypto Florida Congressman Matt Gaetz to serve as the next Attorney General of the United States. It’s a move that suggests he’s doubling down on his pro-crypto agenda. Known for his staunch advocacy of Bitcoin, Gaetz's appointment is a clear signal that Trump’s second term will prioritize a pro-crypto agenda, even at the risk of deepening divisions within his own party. Gaetz would “root out the s...
But according to the Times, Trump is now considering two new candidates for the job due to his frustrations—and neither option is nearly as pro-crypto as Bessent or Lutnick.
The two alternatives, former Federal Reserve governor Kevin Warsh and Wall Street investor Marc Rowan, have mixed views on the novel industry.
Warsh has long advocated for the creation of an American central bank digital currency (CBDC), a development that many in crypto have attempted to prevent for years due to privacy concerns. Rowan, meanwhile, expressed skepticism as recently as February about the need for digital assets to be a part of the U.S. economy.
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SpaceX CEO Elon Musk is helming a new U.S. government initiative aimed at lowering the federal budget deficit. Called the Department of Government Efficiency (DOGE), the initiative—which has an acronym identical to the ticker of Musk’s favorite cryptocurrency, Dogecoin—will “slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies,” according to President-elect Donald Trump. Here's everything you need to know about DOGE. What is DOGE? DOGE is a U.S. government initia...
Trump is reportedly intrigued by Warsh in particular because he finds the banker to be “smart and handsome.”
He is expected to meet with both Warsh and Rowan about the Treasury position this week.
Edited by Andrew Hayward
