Trump Campaign Strengthens Ties with Crypto Industry Through Lutnick

Howard Lutnick, CEO of Cantor Fitzgerald, will co-lead Trump's transition team if he is re-elected in 2024. Lutnick has been a significant figure in the financial services sector and a supporter of cryptocurrency.

Republican presidential candidate Donald Trump has announced that Howard Lutnick, CEO of Cantor Fitzgerald, will co-lead his transition team if he is re-elected in 2024.

Lutnick, a significant figure in the financial services sector, is also a known supporter of cryptocurrency. He will work alongside Linda McMahon, the former U.S. Administrator of the Small Business Administration. Trump’s vice presidential pick, J.D. Vance, and Trump’s sons, Donald Trump Jr. and Eric Trump will serve as honorary chairs of the transition team.

As the CEO of Cantor Fitzgerald, Lutnick has overseen the company's partnership with Tether (USDT), which currently holds the title of the largest stablecoin in the market. Notably, Lutnick has expressed support for Tether, even amidst accusations of the stablecoin having "fake reserves."

In an interview earlier this year, Lutnick confidently stated, "From what we've seen, and we did a lot of work, they have the money," referring to Tether's reserves to back its digital tokens.

Trump Campaign Strengthens Ties with Crypto Industry Through Lutnick

Lutnick's inclusion in the transition team is expected to shape how Trump's administration, if re-elected, will approach digital assets and cryptocurrencies.

In addition to Cantor Fitzgerald's partnership with Tether, Lutnick's firm also manages the stablecoin's Treasury portfolio. Moreover, Lutnick is personally known to be an advocate for Bitcoin. Recently, he announced the launch of a Bitcoin lending program worth $2 billion, further highlighting his focus on digital assets.

"I am a fan of Bitcoin. Cantor Fitzgerald is a fan of Bitcoin," Lutnick added.

Trump's campaign has evidently sought to strengthen relations with the crypto industry, which is further exemplified by Lutnick's interactions with Republican policymakers on the regulation of stablecoins.

According to Alexander Grieve, vice president of government affairs at Paradigm, Lutnick's membership on the transition team is "huge for the crypto industry."

On the other hand, the current Vice President Kamala Harris has recently begun engaging with representatives of the crypto community but has yet to express her stance on the matter.

Cryptocurrencies have also emerged as a topic of discussion in the upcoming elections, with Donald Trump outlining his position. He stated that he will put an end to what he described as an "unlawful and un-American crackdown" on the crypto industry.

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