By Nermeen Nabil Khear Donald Trump is assembling his team for his return to power and has chosen Cantor Fitzgerald CEO Howard Lutnick as his secretary of commerce.
Lutnick brings years of experience and a love for crypto to the role and currently serves as a co-lead for Trump’s transition team. Crypto enthusiasts may recognize his name from his association with Tether, the company behind the USDT stablecoin.
Cantor Fitzgerald Manages Tether’s Portfolios under Lutnick
Under Lutnick’s leadership, Cantor Fitzgerald has managed Tether’s US Treasury portfolio for the past three years. The Wall Street firm even added Tether’s bond portfolio to its watch in 2023.
Despite ongoing concerns about Tether’s transparency, Lutnick has expressed unwavering confidence in the stablecoin issuer and describes himself as a “big fan” of Bitcoin. While he’s made some controversial statements—like calling BTC “not an American thing”—his appointment is widely viewed as a nod to pro-crypto candidates.
Thank you, President Trump for your trust in me to help Make America Great Again. As the next Secretary of Commerce, I will join the best administration the US has ever seen and unleash our full economic potential. pic.twitter.com/CTr0sdH6nt
— Howard Lutnick (@howardlutnick) November 19, 2024
Lutnick’s crypto interests go beyond endorsements. He appeared at the Bitcoin Conference in July and also criticized the Biden administration’s lack of understanding of cryptocurrencies. In a September interview, he aimed at US regulators, saying, “Let’s face it: they don’t even know how to do crypto and digital at all, and they have no idea; they still don’t understand how important it is to get it right.”
More About Howard Lutnick
Reports suggest Lutnick initially sought the Treasury Secretary role, hoping to leverage his pro-crypto stance and financial market ties to shape digital asset policies. However, sources indicate his enthusiasm may have clashed with Trump’s plans, leading to his appointment as Commerce Secretary instead.
As Commerce Secretary, Lutnick will have little direct control over crypto regulation. Regardless, his appointment signals Trump’s desire for pro-crypto individuals within this team. The Commerce Secretary’s role involves advising on foreign economic policies.
TRUMP EYES PRO-CRYPTO LEADER FOR SEC OVERHAUL
Trump is considering Teresa Goody Guillén, a blockchain advocate and ex-SEC attorney, for SEC Chair.
Insiders say crypto firms back her for her rare mix of SEC experience and Wall Street ties.
Known for challenging SEC… pic.twitter.com/xp4f4LC5kX
— Mario Nawfal (@MarioNawfal) November 20, 2024
Beyond Lutnick, Trump is reportedly considering Goody Guillén for SEC Chair. Guillén’s experience bridging blockchain and traditional finance makes her a strong contender. Trump has expressed a desire to appoint someone who would take a “light-touch” approach to crypto regulation.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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