Trump's Digital Financial Technology Executive Order - But David Sacks and Scott Bessent Worry Me

Since Donald Trump was elected as the new US president Bitcoin has surged and we have all been delighted by that awesome site. Bitcoin appears to be gaining even more strength with its latest movements and since November, despite some corrections, Bitcoin's trajectory has been a steady vertical one.

We all know that Donald Trump, while initially resistant to crypto assets, has become a very vocal supporter of Bitcoin and crypto in general, even releasing his own memecoin. During the presidential campaign he even stated at one stage that he wants to see the USA become the crypto capital of the world. His very rich friend and now government colleague Elon Musk is also an avid supporter of crypto. All this bodes well.

However, I had a concern with Trump that he might talk big about crypto during the election campaign but if elected could turn his back on the whole crypto scene. But that concern might just have turned out to be unfounded. While he didn't mention much about crypto in his inauguration speech he has now issued both an executive order and, as previously mentioned, his own memecoin.

(Trump signs new digital finance and crypto executive order - 23/1/25)

These two things alone are big news for crypto land. We've never seen a pro-crypto president in the White House before and during the election he spoke very positively about it which gave us all hope. And now we have even more in my opinion.

The executive order is designed to establish regulatory clarity for digital financial technology and has given the green light for the creation of a new presidential working group on digital asset markets. This extends to the potential establishing of a strategic national digital assets stockpile. Trump's new executive order repeals two previous orders made by former President Biden in relation to crypto.

However, Trump has appointed former Paypal senior executive David Sacks to chair the new group. And just as with his Treasury Secretary pick, Scott Bessent, I have concerns about Sacks. While Sacks is an interesting guy on different levels he has been involved in numerous capital venture funds and investment companies, as well as being a senior executive with Paypal. Hardly the type of background for a grass roots crypto embracer who wants to help enrich the lives of ordinary Americans.

(David Sacks - Trump's new crypto and AI tsar)

The same can be said for Bessent. A very conventional financial working background including around 15 years working with George Soros. That type of CV does not fill me with confidence that he and Sacks are the guys to financially liberate the American people from the hideous and corrupt fiat slave system.

(Scott Bessent - Trump's Treasury Secretary pick)

There's a lot of talk in Trump's new executive order about securing America's position as a world leader in the digital asset economy, driving innovation and economic opportunity for all Americans. It's that latter part that stands out somewhat. It doesn't surprise me that Trump wants America as the number one crypto country in the world but I want that to translate into ordinary Americans lives improving as a result of crypto.

So while we have hope with Trump when it comes to the cryptosphere, it's far too soon to get excited at this stage. Let's see what these people get up to.

Peace!