Anika Begay
In a move that underscores the cryptocurrency industry’s growing influence in the political sphere, former President Donald Trump announced Friday that it will nominate Howard Lutnick, CEO of financial firm Cantor Fitzgerald, to lead its transition team if re-elected in 2024.
Crypto Ally to lead the potential transition
According to recent relationsTrump’s official transition will be led by two of his major campaign donors: Linda McMahon, who previously served as head of the Small Business Administration during Trump’s first term, and Howard Lutnick.
Trump’s running mate, Sen. J.D. Vance of Ohio, will reportedly serve as honorary chairman, as will his eldest 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 program that will ensure 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 that the Trump-Vance administration will be ready to govern effectively on Day One.
Cantor Fitzgerald’s Move for Bitcoin Financing
Lutnick, whose firm Cantor Fitzgerald has been the custodian of Tether’s USDT stablecoin since late 2021, is considered a cryptocurrency advocate and has made significant inroads into the digital asset space.
Cantor Fitzgerald, a global financial services firm with a valuation of $13.2 billion, recently plans revealed to launch a specialized Bitcoin (BTC) financing business to provide leverage to investors holding the leading cryptocurrency.
Lutnick highlighted the firm’s expertise in arranging and financing different securities and commodities, underlining their commitment to supporting BTCThe Chairman’s vision is focused on creating a “state-of-the-art platform” tailored to meet the financing needs of Bitcoin investors. Cantor’s CEO also stated:
Cantor Fitzgerald organizes and finances large amounts of securities and commodities and, as strong supporters of Bitcoin, will now build an incredible platform to support the financing needs of Bitcoin investors. We are excited to help unlock the full potential of Bitcoin and continue to bridge the gap between traditional finance and digital assets.
Additionally, Tether has recently acquired a $100 million stake in Bitdeer Technologies Group, a U.S.-listed Bitcoin mining company. The deal between Tether and Bitdeer involved a private placement of shares, generating substantial proceeds under the facilitation of Cantor Fitzgerald.
These developments underscore both the company and Lutnick’s support for cryptocurrencies, in line with former President Donald Trump. previous comments on digital assets and the key role this technology could play with a new mandate, also promising to be the first “president of cryptocurrencies” for the United States.
At the time of writing, Bitcoin is trading at $58,530, down nearly 3% in the last 24 hours.
Featured image from DALL-E, chart from TradingView.com
