Former President Trump Taps Crypto-Friendly Tycoon to Lead 2024 Transition Team

In a move that underscores the growing influence of the crypto industry in the political sphere, former president Donald Trump announced on Friday that he will appoint Howard Lutnick, the CEO of financial firm Cantor Fitzgerald, to lead his transition team should he be re-elected in 2024.

Crypto Ally To Lead Potential Transition

According to recent reports, Trump’s official transition will be led by two top donors to his campaign: Linda McMahon, who previously served as head of the Small Business Administration during Trump’s first term, and Howard Lutnick. 

According to the reports, Trump’s running mate, Senator JD Vance from Ohio, will serve as an honorary chair, as will his elder sons, Donald Trump Jr. and Eric Trump. Trump said in a statement.

The 2024 GOP Platform to Make America Great Again is a forward-looking agenda that will deliver safety, prosperity and freedom for the American people. My administration will deliver on these bold promises. We will restore strength, competence and common sense to the Oval Office. I have absolute confidence the Trump-Vance Administration will be ready to govern effectively on Day One. 

Cantor Fitzgerald’s Bitcoin Financing Move 

Lutnick, whose firm Cantor Fitzgerald has served as the custodian for Tether’s USDT stablecoin since late 2021, is considered a supporter of cryptocurrencies and has been making significant inroads into the digital asset space. 

Cantor Fitzgerald, a global financial services firm with a $13.2 billion valuation, recently unveiled plans to launch a specialized Bitcoin (BTC) financing business to provide leverage to investors holding the leading cryptocurrency.

Lutnick underscored the firm’s expertise in arranging and financing diverse securities and commodities, emphasizing their commitment to supporting BTC. The Chairman’s vision is centered on establishing a “cutting-edge platform” tailored to meet the financing needs of Bitcoin investors. Cantor’s CEO further stated:

Cantor Fitzgerald arranges and finances vast amounts of securities and commodities and, as strong supporters of Bitcoin, will now build an incredible platform to support Bitcoin investors’ financing needs. We are excited to help unlock Bitcoin’s full potential and continue bridging the gap between traditional finance and digital assets.

Additionally, Tether recently acquired a $100 million stake in Bitdeer Technologies Group, a US-listed Bitcoin mining company. The agreement between Tether and Bitdeer involved a private placement of shares, generating substantial proceeds under the facilitation of Cantor Fitzgerald. 

These developments underscore both the firm’s and Lutnick’s support for crypto, in line with former president Donald Trump’s previous comments on digital assets and the key role this technology could play under a new mandate, also promising to be the first “crypto president” for the US. 

When writing, Bitcoin is trading at $58,530, down nearly 3% in the last 24 hours.

Featured image from DALL-E, chart from TradingView.com