As a seasoned researcher with a keen interest in the intersection of finance, politics, and technology, I find myself intrigued by the unfolding drama surrounding the selection of the Treasury Secretary for President-Elect Donald Trump’s 2025 administration. The contest between Scott Bessent and Howard Lutnick, the CEO of Cantor Fitzgerald, has certainly added a new twist to an already exciting political landscape.
As a political analyst, I am observing the ongoing selection process by President-Elect Donald Trump for his cabinet members in his administration due to take office in 2025. The position of Treasury Secretary is currently a topic of discussion, with Scott Bessent and Cantor Fitzgerald CEO Howard Lutnick reportedly vying for the role.
As reported by Eleanor Terrett from Fox Business on November 13, Bessent seemed nearly guaranteed to obtain the position. Notably, Bessent and John Paulson were the top contenders for the role of U.S. Treasury Secretary, given their backgrounds in managing cryptocurrency assets.
Instead, Paulson stepped away from the cabinet appointment because of his intricate financial commitments, and it’s reported that Lutnick swiftly moved to secure the position of Treasury Secretary, according to insiders involved in the process.
Regardless of the uncertain state of the current role, both Lutnick and Bessent advocate for cryptocurrencies as they view it as a long-term industry. They are keen on encouraging growth within the U.S. digital asset sector.
A brief history of Howard Lutnick’s crypto support
Since 2021, Cantor Fitzgerald, led by Lutnick, has served as the guardian of Tether’s Treasury assets, and it assumed this role for Tether’s bond holdings in 2023.
Lutnick has been a vocal advocate for cryptocurrencies, particularly Tether and Bitcoin (BTC), extolling their virtues. In December 2023, the CEO of Cantor Fitzgerald highlighted Bitcoin’s distinctive features, such as its absence of central control and resistance to censorship, which he considers unlike any other digital asset.
In August 2024, it was announced that the CEO would be sharing leadership duties with Linda McMahon, a co-founder of World Wrestling Entertainment and former head of the Small Business Administration, on Trump’s transition team.
After Howard Lutnick’s appointment, Alexander Grieve, vice president of government affairs at cryptocurrency investment firm Paradigm, commented that having Lutnick on board is significant for the crypto industry. Not only did Lutnick personally address the House Republican Conference last year about stablecoins, but he is also a strong advocate for cryptocurrencies.
In September 2024, Lutnick proposed that Bitcoin be categorized as a commodity, similar to precious metals or energy sources. The executive also criticized U.S regulators and legislators for their lack of understanding regarding cryptocurrencies, emphasizing, “They are completely clueless about digital assets or sensible policies concerning them.
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2024-11-14 01:11