Howard Lutnick, Tether's Wall Street Banker, Is Trump's Pick for Commerce Chief, Not Treasury Secretary: Reports
Donald Trump intends to nominate Howard Lutnick, CEO of Cantor Fitzgerald and a cryptocurrency advocate, as Commerce Secretary instead of Treasury Secretary. Lutnick's prospects for the Treasury role diminished recently, despite his involvement in Trump's transition team. Cantor Fitzgerald is influential in finance, particularly in the bond market, and has engaged in cryptocurrency activities, including managing Tether's U.S. Treasuries and launching a bitcoin financing business with $2 billion in funding. Lutnick supports treating bitcoin as a commodity to reduce regulation and favors Tether as a stablecoin. He has a personal connection with Trump and co-chairs the transition team. Cantor Fitzgerald faced significant loss during 9/11, leading to a shift towards electronic trading.
