US President Donald Trump has pledged to make America a major player in the cryptocurrency market, with several cabinet members already holding significant amounts of Bitcoin. The announcement comes after years of regulatory uncertainty and lawsuits against cryptocurrency companies.
Trump’s vow is likely to be aided by the presence of pro-crypto advocates within his administration. Six out of 22 cabinet members have listed Bitcoin wallets or indirect holdings, including Health and Human Services Secretary Robert Kennedy Jr., Office of Management and Budget Director Russell Vought, and Defense Secretary Pete Hegseth.
The president signed an executive order creating a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile to address the “disjointed handling” of cryptocurrencies. The move is seen as a significant step towards providing regulatory clarity for the industry.
Cryptocurrency prices have surged in recent days, partly due to news that inflation has cooled. However, the market has been volatile due to tariffs and recession concerns.
Industry leaders are optimistic about Trump’s support, with Abra CEO Bill Barhydt stating that “headwinds” have turned into “tailwinds” for the industry. He believes that regulatory clarity is on the horizon, thanks to the administration’s embracing of decentralization.
The move is seen as a major victory for the cryptocurrency industry, which has long advocated for greater support from government officials. With Trump’s pledge and new executive order in place, it remains to be seen how the industry will evolve in the coming months.
Source: https://fortune.com/2025/03/13/bitcoin-trump-cabinet-finance-disclosures-digital-crypto-bessent-rfk-gabbard