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Republican nominee Donald Trump has reportedly tapped Howard Lutnick, CEO of Cantor Fitzgerald, to play a pivotal role in his transition team should he reclaim the presidency.
What Happened: Quoting sources, Bloomberg reported that Lutnick will co-chair the team alongside Linda McMahon, former U.S. Administrator of the Small Business Administration.
Trump’s vice-presidential pick, J.D. Vance, along with his sons, Donald Trump Jr. and Eric Trump, are expected to serve as honorary chairs in the event of his election.
Cantor Fitzgerald, the financial services firm led by Lutnick, has been acting as a custodian for Tether (CRYPTO: USDT) since late 2021.
Tether, with its USDT stablecoin being the largest by market capitalization globally, has been at the center of ongoing debates regarding its reserves and whether they are fully backed one-to-one.
Despite the speculation, Tether has consistently denied any shortfall in its reserves, and Lutnick has been a staunch defender of the company.
In an interview with Bloomberg Television during the World Economic Forum in Davos earlier this year, Lutnick stated, “I manage many, many of their assets. From what we’ve seen, and we did a lot of work, they have the money.”
Trump’s campaign and Cantor Fitzgerald have yet to respond to requests for comment on the recent developments.
The decision to include Lutnick in such a critical role has sparked considerable interest within the cryptocurrency community.
What Happened: Alexander Grieve, vice president of government affairs at Paradigm, emphasized the significance of this choice for the crypto sector.
“Trump Transition leadership announced,” Grieve posted on X (formerly Twitter) last Friday. “Inclusion of Howard Lutnick is huge for crypto. He personally briefed the House Republican Conference last year on stablecoins and is a big crypto bull.”
As the 2024 election season heats up, cryptocurrency has emerged as a key issue, with millions of dollars being funneled into super PACs supporting various candidates.
Trump has positioned himself as a strong ally of the crypto industry, vowing to end what he calls an “unlawful and un-American crackdown” on the sector.
His choice of J.D. Vance, known for his pro-crypto stance, as his running mate, further solidifies his alignment with the industry.
Trump has also expressed his support for Bitcoin (CRYPTO: BTC) miners, pledging to advocate on their behalf.
Meanwhile, Vice President Kamala Harris, also a candidate in the upcoming election, has begun outreach to the crypto community, signaling a potential shift in her stance.
While she has yet to make a definitive public statement on her position regarding cryptocurrency, her engagement indicates that the issue is becoming increasingly significant in the political discourse.
What’s Next: The growing influence of cryptocurrency in politics and its potential implications will be among the key topics discussed at Benzinga’s Future of Digital Assets conference on Nov. 19, 2024.
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