Trump Picks Crypto-Connected CEO Howard Lutnick to Lead Transition Team if Elected President

Donald Trump has chosen Howard Lutnick, the CEO of Cantor Fitzgerald, to lead his transition team if he wins the presidency. This move shows Trump's strong connections to the cryptocurrency world.

Lutnick's firm has been managing Tether's assets since late 2021. Tether's USDT stablecoin is the largest by market cap. This appointment is significant, especially with ongoing discussions about Tether's reserves and their backing. Lutnick has defended Tether, stating in an interview that the company has enough funds.

Lutnick will co-chair the transition team with Linda McMahon, who used to run the Small Business Administration. Trump's vice-presidential pick, J.D. Vance, along with his sons, Donald Trump Jr. and Eric Trump, are set to take honorary roles. This inclusion has caught the attention of the cryptocurrency community, particularly since Lutnick has previously briefed lawmakers on stablecoins.

As the 2024 election approaches, cryptocurrency is becoming a key issue. Significant funds are flowing into super PACs that support various candidates. Trump has positioned himself as a strong ally of the crypto industry. He promises to end what he calls an “unlawful and un-American crackdown” on the sector. His choice of Vance, known for his pro-crypto views, further solidifies this alignment. Trump has also expressed his support for Bitcoin miners, pledging to advocate for them.

On the other hand, Vice President Kamala Harris is also reaching out to the crypto community as she campaigns. While she hasn’t made a clear public statement on her stance regarding cryptocurrency, her engagement indicates that this issue is becoming more important in political discussions.

Looking ahead, the role of cryptocurrency in politics and its potential impacts will be key topics at Benzinga’s Future of Digital Assets conference on November 19, 2024.