Donald Trump has nominated Bitcoin supporter Pete Hegseth for the role of U.S. Secretary of Defense.
— Donald J. Trump (@realDonaldTrump) November 13, 2024
“I am honored to announce that I have nominated Pete Hegseth for the position of Secretary of Defense in my cabinet. Pete has been a warrior all his life, serving the troops and the country. Pete is tough, smart, and genuinely believes in putting America first. With Pete at the helm, America’s enemies will be warned — our military will be great again, and the country will never back down,” stated the former and future U.S. President.
Recently, the veteran has expressed support for the crypto industry. In April, he emphasized the value of Bitcoin in the absence of government control.
America’s New Defense Secretary* Pete Hegseth:
“Crypto has arrived. Bitcoin is not a person, it’s not a company, it’s not a place. It’s tougher to stop that you would think. And that finite supply in a world of printing money, is very very powerful.”
*pending confirmation
— matthew sigel, recovering CFA (@matthew_sigel) November 13, 2024
“Cryptocurrency is already here. Bitcoin is not a person, company, or place. It’s harder to stop than you think. And that limited supply in a world where money is printed is very powerful,” quoted VanEck’s Head of Digital Asset Research, Matthew Sigel, on Hegseth’s words.
Following Trump’s victory in the presidential election, Hegseth stated that the Republican is “making Bitcoin great again.”
“All that needed to be done was to signal to this market that it would not be over-regulated. Trump accepted them,” he said.
Hegseth will require Senate confirmation to assume the position. Cryptocurrency opponent Elizabeth Warren, who chairs the Armed Services Committee, criticized Trump’s decision, arguing that his choice should be rejected.
For the position of U.S. Attorney General, Trump selected Matt Gaetz — a proponent of Bitcoin and cryptocurrencies who advocates for industry deregulation.
In June, Gaetz introduced a bill that would allow federal income tax payments using Bitcoin.
Republicans in Control
Republicans have retained control of the U.S. House of Representatives, according to Associated Press data. They secured 218 seats compared to the Democrats’ 208.
This allows a Republican to lead the House Financial Services Committee — the group overseeing the SEC, Fed, and other federal agencies. Current Chairman Patrick McHenry is set to step down in January 2025, opening the position for a new leader.
Candidates for the chairmanship include French Hill, Andy Barr, Bill Huizenga, and Frank Lucas — all of whom are crypto-friendly.
Trump is considering appointing candidates who support digital assets to key government positions. His advisors are consulting with crypto company leaders regarding potential changes in federal policy.
He appointed Elon Musk and former U.S. presidential candidate Vivek Ramaswamy to manage the new Department of Government Efficiency (DOGE) within the U.S. government.