Donald Trump cabinet’s Bitcoin investments raise ethics alarms in pro-crypto era

Several members of Donald Trump’s cabinet have significant Bitcoin holdings, with their combined investments valued in the millions, according to their financial disclosure reports.

These disclosures show that cabinet members have gained exposure to Bitcoin through direct purchases on crypto exchanges and investment vehicles like exchange-traded funds (ETFs).

The presence of crypto-friendly figures in the administration aligns with Trump’s goal of positioning the US as a dominant force in the digital asset industry.

During this short term of his presidency, Trump has introduced several policies, including plans for a Strategic Bitcoin Reserve, to strengthen America’s foothold in the sector.

Key cabinet members with their Bitcoin holdings

Robert F. Kennedy Jr. (Health and Human Services Secretary)

Kennedy holds the largest Bitcoin investment among cabinet officials, reporting a Fidelity crypto account valued between $1 million and $5 million.

He has been vocal about his support for Bitcoin, previously stating that a significant portion of his personal wealth is in the asset.

Kennedy previously advocated for the US Treasury to acquire Bitcoin as a hedge against inflation, proposing a strategy to accumulate 550 BTC daily until the nation holds 4 million BTC in reserve.

Scott Bessent (Treasury Secretary)

Bessent’s financial report lists BlackRock’s iShares Bitcoin Trust ETF investment worth between $250,001 and $500,000 in his portfolio.

However, as outlined in his ethics agreement, he has agreed to divest from these holdings within 90 days of his confirmation.

In past statements, Bessent described Bitcoin as an investment option for younger, disillusioned investors in the traditional financial system.

Sean Duffy (Transportation Secretary)

Duffy disclosed multiple Bitcoin investments, including direct holdings valued between $250,001 and $500,000. He also stated that he has Bitcoin stored in a Gemini wallet within the same value range.

Additionally, he has a $50,001 and $100,000 stake in the Fidelity Wise Origin Bitcoin Fund.

Other cabinet members with minimal Bitcoin exposure include the following:

• Russell Vought (Office of Management and Budget Director): Holds Bitcoin in a Coinbase wallet valued between $1,001 and $15,000 and has committed to divesting.
• Tulsi Gabbard (Director of National Intelligence): Owns both a Bitwise Bitcoin ETF Trust investment and direct Bitcoin holdings, each valued between $15,001 and $50,000. She has pledged to sell these assets.
• Pete Hegseth (Defense Secretary): Reported Bitcoin holdings within the $15,001 to $50,000 range.

Ethics concerns

These government officials’ substantial Bitcoin holdings raise ethics concerns, considering the Trump administration’s pro-crypto approach to governance.

US lawmaker Elizabeth Warren recently warned that the Trump administration’s “actions have the potential to benefit billionaire investors, Trump Administration insiders, and speculators at the expense of middle-class families.”

The post Donald Trump cabinet’s Bitcoin investments raise ethics alarms in pro-crypto era appeared first on CryptoSlate.