According to Cointelegraph, US President-elect Trump is selecting cabinet members for the new government in 2025, and the position of Treasury Secretary is competing between Scott Bessent and Cantor Fitzgerald CEO Howard Lutnick.
Fox Business reporter Eleanor Terrett said that Bessent was almost certain to take the position, but Lutnick became a strong contender because John Paulson withdrew due to financial problems. Both of them support cryptocurrencies and advocate that the United States should promote the development of digital assets.
Cantor Fitzgerald, led by Lutnick, has managed Tether's treasury portfolio since 2021 and became the custodian of its bond portfolio in 2023. Lutnick has praised Tether and Bitcoin, believing that their decentralized and censorship-resistant features are unique.
In August 2024, Lutnick was appointed as the co-leader of Trump's transition team. Paradigm Vice President Alexander Grieve said his joining is of great significance to the crypto industry. Lutnick advocates treating Bitcoin as a commodity and criticizes US regulators for their lack of understanding of cryptocurrencies.
