Howard Lutnick, CEO of Cantor Fitzgerald, is reportedly making a strong push to become the next Treasury Secretary. He is facing stiff competition from Scott Bessent, who has President-elect Donald Trump’s backing. Trump’s support for Bessent has caught the attention of the crypto community since Bessent is known for his pro-Bitcoin stance.
Many in the Bitcoin community view Bessent’s potential appointment as a step toward a more crypto-friendly regulatory environment in the US financial system. Howard Lutnick’s stance on cryptocurrency appears to be supportive given his involvement with Tether, a major stablecoin company, and his role as CEO of Cantor Fitzgerald, which serves as Tether’s custodian.
He has publicly vouched for Tether’s financial stability and legitimacy despite criticism from the wider crypto industry. His position on cryptocurrency regulation is less clear, but his potential appointment as Treasury Secretary could significantly influence the regulatory landscape. Some concerns have been raised about Lutnick’s ties to Tether, which is currently under scrutiny by the Treasury Department, and potential conflict of interest if he were to oversee investigations into the company.
However, it is worth noting that he would be required to resign from Cantor Fitzgerald if appointed Treasury Secretary. The Treasury Secretary decision hangs in the balance between Howard and Lutnick and Scott Bessent. Trump’s choice will significantly impact cryptocurrency regulation, economic policy, and financial institutions.
