KEY POINTS
- Doug Burgum, whom Trump nominated to as Interior chief, has the highest odds at 96%
- Polymarket bettors have Mike Huckabee and Rep. Elise Stefanik's confirmation chances at 95%
- Controversy-laden Mike Gaetz is the only cabinet nominee whose chances are way down
Polymarket cryptocurrency bettors are in on a $3 million event contract asking which individuals President-elect Donald Trump has nominated for his cabinet will actually be confirmed by Senate.
The incoming U.S. president's cabinet nominees have become a spectacle for some media outlets due to the controversies surrounding some of the individuals, but for crypto users, the cabinet members' tech and innovation views are crucial.
North Dakota Governor Leads in Odds
Bettors on decentralized market prediction platform Polymarket have North Dakota Gov. Doug Burgum's odds at 96%, making him the Trump cabinet pick with the highest chances so far on the event contract.
The 47th U.S. president announced Burgum as his choice to lead the Department of the Interior. Burgum challenged Trump during the GOP presidential nominations, but avoided making critical comments about the business magnate.
Burgum is known for his embrace of technological innovations. Early in 2022, Burgum announced the construction of one of the world's largest data centers. Atlas Power, a high-density facilities operator, will own and operate the said data center. The operator is known for serving crypto mining and computing.
Huckabee, Stefanik Share Second Spot
Following very close behind with 95% chances of getting confirmed by Senate are former Arkansas Gov. Mike Huckabee and Rep. Elise Stefanik of New York.
Huckabee was tapped to join the Trump cabinet as his ambassador to Israel. His views regarding crypto are unclear, but he is a very vocal supporter of Israel, which is currently at war with Gaza.
Meanwhile, Stefanik, for whom Stand With Crypto has given an A (strongly supportive) rating, is known for her support of several pro-crypto bills. Trump said he will nominate Stefanik to be the U.S. ambassador to the United Nations.
Other Pro-Crypto Picks Get Polymarket Bettors' Nod
Lee Zeldin, whom Trump has nominated to lead the Environmental Protection Agency (EPA), is also popular among Polymarket bettors. His chances as of early Thursday are at 94%.
Zeldin has been tagged as a pro-crypto politician, but he has yet to be more vocal about his support for the industry. He did urge Congress in 2023 to come together "to create a more forward-driven set of consumer protections" to prevent another FTX incident.
Another Trump pick with 94% odds of getting confirmed is South Dakota Gov. Kristi Noem, whom Trump has proposed to lead Homeland Security. Noem is widely recognized as a pro-crypto Republican.
Earlier this year, Noem signed two bills to block a central bank digital currency (CBDC) from being used in the state. She also vetoed the Uniform Commercial Code (UCC) bill in 2023 because she believes it "needlessly limited the economic freedom to use cryptocurrency," and it also opened a pathway for adopting a CBDC.
Polymarket bettors have most of Trump's cabinet picks with high odds of getting Senate's confirmation, but pro-Bitcoin Matt Gaetz has his numbers way down compared to the rest. Gaetz was selected to be the U.S. Attorney General for the Trump government.
Crypto users on the platform believe Gaetz has a 31% chance of being confirmed, and it could be largely due to allegations of sexual misconduct and illicit drug use among others against the former congressman.
Trump's cabinet is coming together, but he has yet to announce his selections for some of the most critical roles the crypto community is closely watching: the U.S. Treasury and the Securities and Exchange Commission (SEC).
