Former President Donald Trump has selected Howard Lutnick, the CEO of Cantor Fitzgerald, to head his transition team if he wins re-election in 2024, highlighting the increasing involvement of the crypto industry in politics.
Transition Team Lineup
Lutnick will join Linda McMahon, a former head of the Small Business Administration in Trump’s first term, in leading the transition team, with Senator JD Vance, Donald Trump Jr., and Eric Trump also playing prominent roles, according to recent reports.
Trump’s statement emphasized a forward-looking agenda to bring prosperity and security to the American people, expressing confidence in the readiness of the Trump-Vance Administration to govern effectively from the outset.
Cantor Fitzgerald’s Crypto Ventures
Cantor Fitzgerald, with a valuation of $13.2 billion, has become a custodian for Tether’s USDT stablecoin and recently announced plans to launch a Bitcoin financing business to support investors in the digital asset space. Lutnick highlighted the firm’s commitment to backing Bitcoin and creating an advanced platform to meet investors’ needs.
Moreover, Tether’s investment in Bitdeer Technologies Group, facilitated by Cantor Fitzgerald, further showcases the firm’s dedication to the crypto sector and aligns with Trump’s previous endorsements of digital assets. The recent developments signal a growing support for cryptocurrencies within the financial industry.
As of now, Bitcoin is trading at $58,530, with a minor decrease of nearly 3% in the last 24 hours.
Image source: DALL-E, Trading chart: TradingView.com
