Tether Advocate Howard Lutnick Eyeing US Treasury Sec Job: Report
With President-elect Donald Trump currently making important appointments, reports have projected the name of Howard Lutnick, the CEO of financial services firm Cantor Fitzgerald as a top contender for US Treasury Sec role. With the push to do something different under the incoming Trump administration, the speculations around Lutnick is driving conversations on crypto X.
Howard Lutnick and the Treasury Sec Fit
As reported by Fox Business, the Cantor Fitzgerald CEO is working hard behind the scenes to get the job. Prior to this time, many speculated strongly that hedge fund manager Scott Bessent is the top pick for the job. Per the Fox Business report, the lobbying effort from Lutnick possibly account for the delay in announcing the pick for the position.
The Cantor Fitzgerald CEO, known for his strong backing of USDT issuer Tether Holdings is part of Trump’s pro-Bitcoin transition committee. As media reports pointed out, his bid for the Treasury Secretary role came at the 11th hour, placing pressure on the chances of Scott Bessent.
Interestingly, as a transition team member, Howard Lutnick gives a solid recommendation on who to appoint to different positions in the administration. As it stands, Fox Business noted that his nomination for the Treasury sec role might be to himself. However, the final decision lies in the hands of President Donald Trump.
Bessent raised a significant sum for the Trump campaign. He also served as economic advisor in the runup to the general elections. While Lutnick is more attuned to the Bitcoin vision of the incoming government, he is also an old Trump friend. What the actual factor to choose Janet Yellen’s replace boils down to President Trump.
The Right Pick For Crypto
The broader digital currency ecosystem has complained relentlessly about strict regulations. With a new administration, many believe all these will change.
While US regulators cracked down on Tether, Howard Lutnick often defends the stablecoin issuer’s reserve. This is because Cantor Fitzegerald manages most of the firm’s issuers. At the Bitcoin Conference 2024 event, the Cantor CEO made an appearance.
Some of the early conversations around Bitcoin Reserve came from Howard Lutnick. As such, he might have a profound industry impact if he serve in the Trump amidnistration.
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