Former US President Donald Trump never seems to stop surprising everyone, as he announces that he is considering JPMorgan Chase CEO Jamie Dimon for the role of Treasury Secretary if he is re-elected. This revelation comes just ahead of Trump’s anticipated appearance at the Bitcoin Conference in Nashville from July 25 through 27.
Trump’s contemplation of Dimon for such a pivotal role marks an intriguing development, given their turbulent history. Despite recently labeling Dimon a “highly overrated globalist” on Truth Social in November 2023, Trump expressed “a lot of respect for Jamie Dimon” during a late June interview with Bloomberg.
The former president’s statements come on the heels of the shocking July 13 assassination attempt, which may influence his final decision. While he eyes Dimon at the treasury role he also intends Federal Reserve Chair Jerome Powell to continue working at his place.
Dimon’s Crypto Skepticism
Dimon, known for his critical stance on cryptocurrencies, has previously called for stringent regulations.
In a congressional hearing on December 6, 2023, Dimon remarked, “The only true use case for cryptocurrency is criminals, drug traffickers, money laundering, tax avoidance.” He further stated, “If I were the government, I’d close it down.” Despite JPMorgan’s own blockchain endeavors with JPM Coin, Dimon’s views have made him a contentious figure in the crypto world.
Trump’s Shifting Views on Crypto
Trump himself has a history of skepticism towards Bitcoin and other digital currencies. In a 2019 thread on X (formerly Twitter), he declared, “I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.” He emphasized the dominance of the U.S. dollar, proclaiming it as “the most dominant currency anywhere in the World.”
However, Trump’s stance appears to have evolved, as evidenced by his scheduled speech at the upcoming Bitcoin Conference. This engagement suggests a potential shift in his perspective on digital currencies, which could have significant implications for his administration’s approach to crypto regulation.
Potential Implications
The potential appointment of Dimon as Treasury Secretary could signal a more conservative approach to cryptocurrency regulation, aligning with Dimon’s previously stated views. This development has sparked concern within the blockchain and cryptocurrency communities, wary of increased regulatory scrutiny.
As Trump prepares to address the Bitcoin Conference, the financial world is keenly watching for further insights into his economic policies and cabinet considerations. Whether Dimon will indeed join Trump’s administration remains uncertain, but the prospect has undoubtedly stirred debate and anticipation across financial sectors.