Collins J. Okoth
President-elect Donald Trump posted on Truth Social, that there would be no place for Jamie Dimon in his administration before thanking Dimon for his contribution to the U.S. The statement comes nearly a week after Dimon revealed that he had no intention of leaving his position as the CEO of JPMorgan Chase.
Trump’s statement also comes as he prepares to select members of his cabinet and other positions of office to help him fulfill the promises he made during his campaign trail. There were speculations that Dimon was to vie for the U.S. Treasury Secretary.
The JPMorgan Chase president is well-known in the financial industry as a prominent figure, increasing speculations about his suitability for the position. However, Dimon told CBS Marketwatch last week that he would continue serving in the position he held at JPMorgan for a long time or ‘until the board kicked him out.’
The Wall Street company’s board members congratulated Trump on his victory in the election and promised to contribute to the current administration. The bank’s officials reiterated their ongoing partnerships with the government over the years and promised that nothing would be different during Trump’s administration.
Trump plans to assemble a pro-crypto team
BREAKING: 🇺🇸 President-elect Donald Trump to appoint pro-crypto cabinet members to make the U.S. the “crypto capital of the world.” pic.twitter.com/heKGLBrIg0
— CEO (@Investments_CEO) November 12, 2024
The president-elect plans to engage a pro-crypto team to achieve his mission of making the U.S. the global crypto capital. Trump promised to create better and clearer regulations for the crypto community, employ a pro-crypto U.S. Securities and Exchange Commission (SEC) chair, and introduce an industry-loyalist presidential committee and crypto advisory board.
Trump’s win came from his pro-crypto supporters in Congress and Senate, besides crypto company executives. The president-elect got a huge inflow of funds during his campaign from crypto, showing the faith the community has. Pro-crypto supporters, such as SpaceX’s Elon Musk, also boosted his popularity in the crypto space.
Some crypto executives, including Ripple’s Brad Garlinghouse, suggested that Trump begin by making changes at the U.S. SEC and firing Gary Gensler. Garlinghouse also requested more regulatory clarity the commission has failed to offer the U.S. crypto community.
That said, Jamie Dimon has been passive during the entire election, supporting neither Trump nor Harris. The JPMorgan president has also been quiet about crypto during his tenure as the Wall Street company’s executive.
Scott Bessent remains a top pick for Treasury Secretary
Trump’s leading pick for Treasury Secretary — billionaire hedge fund investor Scott Bessent — is very pro-crypto, particularly pro-Bitcoin.
Some recent statements:
“I have been excited about the president’s embrace of crypto and I think it fits very well with the Republican…
— Eleanor Terrett (@EleanorTerrett) November 12, 2024
The billionaire hedge fund and pro-crypto investor Scott Bessent is reportedly the top pick for the position Dimon was speculated to vie for. Another prominent investor, John Paulson, is also allegedly among the options for the U.S. Treasury’s top job.
Fox Business’s Eleanor Terrett reported about some statements released by Bessent. The investor congratulated the president-elect for his election win before commenting that Trump would give crypto the freedom it required.
Bessent also confirmed that all the cards lie with BTC, which has seen significant growth since Trump’s victory. The investor believed that the king crypto could attract younger generations while still embracing people who have never explored crypto before.
