President-elect Donald Trump has just nominated Howard Lutnick, CEO of Cantor Fitzgerald, to the position of Secretary of Commerce.
According to sources from Punchbowl News and The Wall Street Journal. Lutnick is not only a seasoned financial leader but also a strong supporter of cryptocurrencies, particularly Bit and Tether (USDT).
Cantor Fitzgerald, Lutnick's company, has played a crucial role as a financial partner of Tether since 2021. The company helps manage the massive US Treasury bond reserve that backs USDT - the most widely used stablecoin today. Lutnick is also a staunch supporter of Bit, having stated on CNBC:
"I like cryptocurrencies, but specifically Bit. The other coins are not worth caring about. Additionally, I have a great appreciation for the stablecoin Tether."
Recently, Cantor Fitzgerald has announced a new financial service, providing loans worth up to $2 billion to Bit investors, further cementing its position in the cryptocurrency space.
Lutnick, 63 years old, is a long-time friend of Trump and is currently co-chair of the president-elect's transition team. He has advocated for treating Bit as a commodity, which would subject it to less regulation and leverage its advantages such as decentralization and censorship resistance.
