Six members of President Donald Trump’s cabinet disclosed Bitcoin holdings worth millions in their financial disclosures, underscoring the administration’s deep ties to the cryptocurrency sector as it seeks to position the United States as a global leader in digital assets.
At a White House digital assets summit, Trump vowed to transform the country into a Bitcoin superpower.
“I promised to make America the Bitcoin superpower of the world and the crypto capital of the planet, and we’re taking historic action to deliver on that promise,” he said.
To reinforce this stance, Trump issued an executive order creating a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile to centralize and regulate government holdings of cryptocurrencies.
Cabinet Members With Bitcoin Holdings
Financial disclosures filed in January reveal six of the 22 cabinet members hold Bitcoin directly or through investment vehicles. Health and Human Services Secretary Robert Kennedy Jr. reported the largest holding, disclosing a Bitcoin Fidelity crypto account valued between $1 million and $5 million.
Treasury Secretary Scott Bessent reported ownership of BlackRock’s iShares Bitcoin Trust ETF worth between $250,001 and $500,000, though his ethics agreement requires divestment within 90 days of confirmation.
Transportation Secretary Sean Duffy reported multiple Bitcoin investments totaling between $550,003 and $1.1 million across different platforms. His holdings include a Gemini wallet containing Bitcoin valued between $250,001 and $500,000 and an investment in Fidelity Wise Origin Bitcoin Fund worth between $50,001 and $100,000.
Director of National Intelligence Tulsi Gabbard disclosed Bitcoin assets ranging between $15,001 and $50,000, along with a Bitwise Bitcoin ETF Trust holding of similar value.
Defense Secretary Pete Hegseth reported Bitcoin holdings valued between $15,001 and $50,000. Office of Management and Budget Director Russell Vought disclosed a Coinbase Bitcoin wallet valued between $1,001 and $15,000 and stated he would divest to avoid conflicts of interest.
Regulatory Shifts and Industry Reaction
The Trump administration’s embrace of Bitcoin marks a stark shift from the previous government’s regulatory stance. At a recent technology summit in California, Abra CEO Bill Barhydt noted the shift, saying,
“We just want to build our businesses without having to look over our shoulders that some crazy person wants to kill us.”
Barhydt claimed that under the previous administration, the Securities and Exchange Commission (SEC) aggressively pursued enforcement actions against crypto firms. He asserted that his industry contributed significantly to Trump’s reelection campaign in response. “We were the single largest donor to basically get them elected in order to deal with this problem,” Barhydt said.
Since Trump’s victory, the SEC has softened its approach to cryptocurrency regulation. Crypto lawsuits have been dropped, and industry leaders anticipate clearer regulatory guidelines. Venture capitalist and former PayPal executive David Sacks, now serving as Trump’s AI and Crypto Czar, sold off his Bitcoin, Ethereum, and Solana holdings before assuming office, reportedly to comply with government ethics rules.
Trump’s executive order aims to bring coherence to the federal government’s handling of Bitcoin, which he has claimed is already among the largest cryptocurrency holders. The order cites the need to address the “disjointed handling of cryptocurrencies” and establish clear policies for managing digital assets.
Meanwhile, the crypto market remains volatile. Bitcoin briefly rallied after inflation data indicated cooling prices but faced headwinds from broader economic concerns, including tariffs, trade disputes, and recession fears.
