As a seasoned crypto investor with over two decades of market experience under my belt, I find Howard Lutnick’s potential appointment as Commerce Secretary intriguing. Having closely followed Cantor Fitzgerald’s role in the stablecoin sector, particularly with Tether (USDT), this development could significantly shape the future of digital assets.
As a researcher, I’m keeping an eye on potential developments within the new administration. Reports suggest that Howard Lutnick, CEO of Cantor Fitzgerald, could be considered for a role in President-elect Donald Trump’s upcoming cabinet.
It is being said that Trump might choose Lutnick to serve as the U.S. Secretary of Commerce during his second term in the White House, according to reports from The Wall Street Journal and other trustworthy sources. Although Lutnick was formerly considered for the position of Treasury Secretary, recent events seem to indicate a higher probability of him taking the helm at the Commerce Department instead.
🚨LATEST NEWS: TRUMP PLANS TO APPOINT HOWARD LUTNICK AS COMMERCE SECRETARY
President-elect Donald Trump is expected to choose Howard Lutnick, the CEO of Cantor Fitzgerald, as his nominee for Commerce Secretary.
Lutnick, a strong supporter, shares Trump’s ambition to strengthen U.S. manufacturing and promote…
— Mario Nawfal (@MarioNawfal) November 19, 2024
After this news broke, the chances of Lutnick being appointed as Treasury Secretary significantly decreased on prediction platforms such as Polymarket. Initially, there was a 32% likelihood that he would secure the position on November 18th. Yet, by the time the article was published, his chances had dwindled to only 2%.
It’s thought that experts suspect Trump may choose Lutnick for the Commerce position because they share similar perspectives on tariffs and economic strategies.
The potential selection of Lutnick could carry substantial effects on the cryptocurrency market, particularly concerning stablecoins. Cantor Fitzgerald acts as a safekeeper for Tether (USDT) and manages the majority of its U.S. Treasury Bill reserves worth approximately $86 billion, as of January.
The stablecoin operator attracted scrutiny for years due to doubts about its assets backing USDT. What crypto natives call FUD, negative news about a project, greatly reduced after Cantor Fitzgerald stepped in as a USDT custodian.
Dispelling reputational risks tied to the world’s largest stablecoin could be a shadow of things to come as the pro-Bitcoin (BTC) and crypto-friendly banker edged closer to state-backed influence.
Speculation on social media hints that the CEO of Cantor Fitzgerald might foster the acceptance and regulatory framework of stablecoins, a subject that’s already gaining traction among U.S. Congress members. Lutnick expressed his support for digital tokens tied to traditional currencies (fiat) and tokenized assets as early as April 2024 using blockchain technology.
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2024-11-19 20:02