Trump has appointed Howard Lutnick and Linda McMahon as co-chairs of his transition team if he wins the election.
Cantor Fitzgerald, under Lutnick, has managed Tether’s reserves since late 2021, defending its financial stability.
Trump's campaign promises to support crypto interests, with Vance and Trump’s sons joining the transition team as honorary chairs.
Donald Trump announced that if he wins the election his transition team would be led by Howard Lutnick, CEO of Cantor Fitzgerald and Linda McMahon. He will join McMahon, who formerly was the Administrator for U.S. Small Business Administration in a co-chair role in the team. To add on this, Trump’s running mate J.D Vance and his two sons Eric Trump and Donald Trump Jr., will be the honorary chairs.
https://twitter.com/AlexanderGrieve/status/1824435126119567731
Cantor Fitzgerald’s Role with Tether
Cantor Fitzgerald has managed Tether’s reserves since late 2021. As the largest stablecoin by market cap, Tether has faced criticism over its reserve backing. Regardless of suspicions, Lutnick has defended Tether’s financial strength which states that it holds the necessary resources in an interview with Bloomberg.
Trump's campaign and Cantor Fitzgerald did not respond to requests for comment. The announcement marks a strategic move as crypto gains prominence in the election. Alex Grieve from Paradigm highlighted Lutnick's influence in the crypto industry, noting his previous briefings on stablecoins.
Trump's campaign has committed to supporting cryptocurrency interests, promising to end regulatory actions perceived as hostile to the industry. His choice of Vance, a known crypto advocate, and his platform’s stance on bitcoin mining and digital assets reflect this commitment.
Harris’s Position on Cryptocurrency
Meanwhile, Vice President Kamala Harris, the Democratic contender, has yet to declare a position on cryptocurrency. Her campaign recently released its economic agenda but has not addressed crypto directly.
Lutnick's selection underscores the growing intersection of politics and cryptocurrency. With a background in managing significant assets, Lutnick's role could shape crypto policy if Trump assumes office. His previous support for Bitcoin and involvement in major financial initiatives align with Trump's campaign promises.
The formation of the transition team is a standard procedure, preparing for the possibility of a new administration. Trump's campaign has emphasized its focus on fulfilling promises related to economic and financial reforms.
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