Republican presidential candidate Donald Trump has announced that Howard Lutnick, CEO of Cantor Fitzgerald, will co-lead his transition team if he is re-elected in 2024. Lutnick has been a significant figure in the financial services sector and a supporter of cryptocurrency. He will work alongside Linda McMahon, the former U.S. Administrator of the Small Business Administration. Trump’s vice presidential pick, J.D. Vance, and Trump’s sons, Donald Trump Jr. and Eric Trump will serve as honorary chairs of the transition team.
Since Lutnick took over Cantor Fitzgerald, the company has partnered with Tether (USDT), currently the largest stablecoin in the market. Lutnick has defended Tether, which has been accused of having fake reserves. During an interview conducted early this year, Lutnick was confident that Tether had adequate cash to support its digital tokens, saying, ”From what we’ve seen, and we did a lot of work, they have the money.”
Trump Campaign Strengthens Ties with Crypto Industry Through Lutnick
Lutnick’s inclusion in the transition team may shape how Trump’s administration handles digital assets and cryptocurrencies. Tether’s Treasury portfolio has been run by his firm and Lutnick personally is a supporter of Bitcoin. He has recently announced the launch of a $2 billion Bitcoin lending program, which underlines his focus on digital assets. “I am a fan of Bitcoin. Cantor Fitzgerald is a fan of Bitcoin,” Lutnick added.
Trump’s campaign is seeking to deepen relations with the crypto industry, which is evident through Lutnick, who has interacted with Republican policymakers regarding the regulation of stablecoins. Alexander Grieve, the vice president of government affairs at Paradigm, stated that Lutnick’s membership is huge for the crypto industry.
On the other hand, the current Vice President, Kamala Harris, has recently begun to interact with the representatives of the crypto community but has not expressed her opinion regarding the matter yet. Cryptocurrencies are also an ongoing subject in the upcoming elections. Donald Trump outlines his stand, saying that he will bring to an end what he terms an “unlawful and un-American crackdown” on the crypto industry.
